Define the term economic activity
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Posted by Shreenivas Salabannavar 5 years, 4 months ago
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Yogita Ingle 5 years, 4 months ago
People work to generate income to be able to provide for themselves and their families. The national income of a country is measured by its gross domestic product, or GDP, which is the total value of all the goods and services produced in the country in a year. The different activities that people carry out to create goods and services, which contribute towards the national income, are called economic activities.
Economic activities can be classified based on their nature and purpose. Based on their nature the economic activities can be classified into three sectors: primary sector, secondary sector and tertiary sector. Based on their purpose, economic activities can be classified as market activities and non-market activities.
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