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Any action that involves in the production, distribution, consumption or services is an economic activity.
Basics of Economic Activities
The following are the major and fundamental economic activities.
1. Primary Economic Activities (e.g., Raw cotton production)
2. Secondary Economic Activities (e.g., Spinning mill)
3. Tertiary Economic Activities (e.g. Trade, Transport)
4. Quaternary Activities (e.g. Banking sector)
5. Quinary Activites (e.g. Judicial sector)
1. Primary Economic Activity: These are the economic activities which have been originated in the very beginning. It includes the activities such as, forestry, grazing, hunting, food gathering, fishing, agriculture, mining, and quarrying.
2. Secondary Economic Activity: Secondary activities are those that change raw materials into usable products through processing and manufacturing. Bakeries that make flour into bread and factories that change metals and plastics into vehicles are examples of secondary activities.
3. Tertiary Economic Activity: Tertiary economic activities are those that provide essential services and support the industries to function. Often it is called service industries, this level includes the transportation, finance, utilities, education, retail, housing, medical and other services. We are educated by school. Since, school is doing service, it comes under tertiary activity.
4. Quaternary Economic Activity: Quaternary activities are associated with the creation and transfer of information, including research and training. Often called information industries, this level has been dramatic growth as a result of advancements in technology and electronic display and transmission of information. e.g., we watch television. The programs are telecasted from television stations. It is an example of quaternary activity.
Services sector is the one of the largest sectors of India. Currently this sector is the backbone of the Indian economy and contributing around 53% of the Indian Gross Domestic Product.
5. Quinary Economic Activity: Quinary economic activities refer to the high level decision making processes by executives in industries, business, education, and government. hisT sector include top executives or oﬃcials in the fields of science and technology, universities, health care etc. In our house, our parents purchase household articles and make decisions by themselves in some situations. Similarly, the council of ministers take decisions to introduce various people welfare schemes in the state. These two are examples of quinary activities.
Visit any factory and find out the favourable factors which are responsible for its location.
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