An economic activity is any action or process that involves the production, distribution, and consumption of goods and services. It typically requires the combination of resources such as capital goods, labor, and techniques to produce specific goods or services. This activity includes inputs, a production process, and outputs in the form of goods or services
. Economic activities encompass a wide range of actions such as making, providing, purchasing, or selling goods or services. They occur at all levels within society and involve monetary exchanges or the use of resources to satisfy human needs
. These activities can be classified into sectors:
- Primary sector: Extraction of raw materials (e.g., agriculture, mining)
- Secondary sector: Manufacturing and processing of raw materials into finished goods
- Tertiary sector: Services such as trade, transport, and communication
- Quaternary and Quinary sectors: Knowledge-based and managerial services, respectively
Economic activity also broadly includes business operations, professions, and employment, all aimed at generating wealth and facilitating the flow of goods and services in an economy
. In summary, economic activity is the collective term for all actions related to producing, buying, selling, and consuming goods and services that drive the economy and satisfy human wants
