Question

Explain the basic economic activities.

Answer 1

1. Primary economic activity:

1. These are the economic activities which have been originated in the very beginning.
2. It includes the activities such as forestry, grazing, hunting, food gathering, fishing, agriculture, mining, and quarrying.

2. Secondary economic activity:

1. Secondary activities are those that change raw materials into usable products through processing and manufacturing.
2. Bakeries that make flour into bread and factories that change metals and plastics into vehicles are examples of secondary activities.

3. Tertiary economic activity:

1. Tertiary economic activities are those that provide essential services and support the industries to function.
2. Often it is called service industries, which include transportation, finance, utilities, education etc. Tertiary activity is further subdivided into Quaternary and Quinary activities.
3. Quaternary activities are associated with the creation and transfer of information, including research and training.
4. Quinary activity refer to the high level decision making processes by executives in industries, business, education, and government.