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consumption productions and distribution

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consumption productions and distribution
  • 1 answers

Preeti Dabral 1 year, 4 months ago

Economic activities refer to those activities which are undertaken to earn living. Every economy undertakes 3 main economic activities:

Consumption: It is an economic activity  as it deals with the use of goods and services for the satisfaction of human wants.

Production: it is an economic activity as it is undertaken to produce goods and services for genration of income and satisfying human wants.

Distribution: it is an economic activity which studies how income generated is distributed   among the factors of production.

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