Economic Activities Overview

Flashcards covering key concepts related to economic activities, their classifications, objectives, and characteristics.

Economic Activities

Activities related to production, distribution, exchange, and consumption of goods and services.

Non-Economic Activities

Activities performed without economic motive, driven by love, sympathy, and humanity.

Primary Aim of Economic Activities

To produce goods and services for consumer availability.

Objectives of Economic Activities

To satisfy human wants and direct efforts for societal welfare.

Types of Economic Activities

Includes business, profession, and employment.

Business

An economic activity concerned with production and distribution of goods and services with the aim to earn profit.

Profession

An occupation requiring specialized knowledge to provide services in return for fees.

Employment

A type of occupation where services are provided to someone else for salary or wages.

Primary Sector

The sector that makes direct use of natural resources, including agriculture and mining.

Secondary Sector

The sector where raw materials are used to produce or manufacture new products.

Tertiary Sector

The service industry providing services to the general population and businesses.

Quaternary Sector

The knowledge-based sector including information technology, media, and research.

Quinary Sector

The top sector involving high-level decision-making by executives in various fields.