define Economic Activities. Briefly discuss the classification of Economic Activities?

Define a term Economic Activities. Briefly discuss the classification of Economic Activities?

DEFINITION OF ECONOMIC ACTIVITIES:
“The activities which are related to the production consumption and exchange of things are called ECONOMIC ACTIVITIES.” 

Economic Activities. Briefly discuss the classification of Economic Activities
Important Question with answer in cg

CLASSIFICATION OF ECONOMIC ACTIVITIES:

Following are the classifications of Economic Activities.

A. Production

B. Exchange

C. Consumption

1. PRODUCTION:

Production is divided into two parts:
1. Primary Production
2. Secondary Production

PRIMARY PRODUCTION:

Hunting of animal (Harvesting commodities from nature) (subsistence agriculture, forestry fishing mining)

Gathering of wild berries and nuts

Extracting of minerals from the earth

Fishing from rivers, lakes and oceans

Harvesting of trees

SECONDARY PRODUCTION:


Purposeful tending of crops and livestock (Commercial Agriculture)

Increasing the value of commodities by changing their form (manufacturing)

TERTIARY:


Services (clerical, personal, business)

QUATERNARY:

Financial, health, entertainment, education, information and data processing services middle management, administrative services, and government bureaucrats.

QUINARY:

High level management and executive administrative positions (Public and Private)


2. EXCHANGE:

Transportation and distribution services

Increasing the value of commodities by changing their location (Freight transportation)

Exchanging services and ideas by telecommunication or face to face contact

Satisfying the needs of people by changing their location (Passenger, Transportation)

Ware housing and distribution function. 1. Whole Sale Trade 2. Retail Trade

3. CONSUMPTION:

Use of commodities and services by human beings to satisfy their need needs and wants.


HARVESTING OF COMMODITIES FROM NATURAL FORESTS:

It is said that first of all, after his arrival in this world, man utilized the forest resources. In the present age some of the tribes in equatorial region get their living from the forests.

HUNTING AND FISHING:
To fulfill the needs of food man has been using the profession of hunting and fishing since ancient time. Hunting and fishing are considered the second old activity of man. Fish has become an important part of daily food of large number of population of various countries in the world and thousand tons of fish are caught daily in the world.

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