Types of Economic Activities

Economic Activities

Economic activities are those efforts or actions that involve production, distribution and consumption of commodities and services at all levels within a region.

Types of Economic Activities

Primary Activities:

Primary Activities pertain to the extraction of raw materials from the earth's surface. For example: food gathering, hunting, lumbering, fishing, cattle rearing, mining and agriculture.

Secondary Activities:

Secondary Activities transform raw materials into finished goods. For example: Iron and Steel industries, automobile manufacturing etc.

Tertiary Activities:

Activities which by themselves do not produce goods, but support the process of production are called tertiary activities. For example: Transport, communication, banking, storage and trade.

Quaternary Activities:

The activities related to Research and Development, as well as knowledge are called Quaternary activities. For e.g. Services like consultation, education and banking

Quinary Activities:

The activities that focus on the creation, rearrangement and interpretation of new and existing ideas are called quinary activities. It includes the highest levels of decision making in a society or economy. E.g.: Senior business executives, scientists and policy makers in the Government.