3) What are the two type …

Any work done with the motive of making money in a legitimate way is an economic activity. Economic activities can be classified into three main types : Primary Activities These activities involve deriving goods directly from nature in their original form e.g. mining, fishing, agriculture, forestry, animal husbandry, poultry farming etc.Secondary Activities These activities are meant to transform raw materials provided by Primary sector into goods, e.g. construction and manufacturing.Tertiary Activities These activities do not produce goods. The activities in this sector result in the production of goods and services. Trade, transport, banking, tourism, health and insurance come under this sector

Economic activities are those activities which add value to the national income. It has two types: market and non-market activities. Non-market activities; these activities are performed for self consumption.

Any work done with the motive of making money in a legitimate way is an economic activity.
Economic activities can be classified into three main types :

1. Primary Activities These activities involve deriving goods directly from nature in their original form e.g. mining, fishing, agriculture, forestry, animal husbandry, poultry farming etc.
2. Secondary Activities These activities are meant to transform raw materials provided by Primary sector into goods, e.g. construction and manufacturing.
3. Tertiary Activities These activities do not produce goods. The activities in this sector result in the production of goods and services. Trade, transport, banking, tourism, health and insurance come under this sector

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.