![]() Secondary activity is mainly associated with manufacturing and industry. The secondary sector involves the transformation of raw materials into goods. This was very useful for him because it allowed the municipality to develop programs to enhance the conditions of agricultural facilities within the city. Features of Secondary Economic Activity: i. Secondary Sector activities mean using raw materials to produce or manufacture something new. The Major confirmed that the economy was growing but he also had some interesting additional findings.įor example, he realized that farming was steadily declining while retailing was expanding. The economy was measured every year and it was possible to estimate economic growth. ![]() They all work to earn money so the total money generated was totalized in a period to measure the economy. Secondary economic activity, also known as the secondary sector of an economy, is the portion of the economy that is concerned with receiving raw materials and transforming them into serviceable items, properties or other goods. There are also small farms, which are primary activities, and some few manufacturing companies operating in the secondary sector. The city economy is mainly shaped by tourism so tertiary activities like restaurants and retailers are the most important. Production activities involve making of goods and services. Therefore Production is defined as creation of utility. These goods and services produced can be sold in markets or can be provided by the government to public at nominal charge. He knows that there are more stores and shopping centers now than a decade ago so he hired a professional to account economic activities. ECONOMICS MODULE - 2 Basic Economic Activities About Economy Notes 46 production is to satisfy our wants. In a small city of an Asian country, the new Major wants to know if the economy is growing. Other cases are businesses, which are organizations that carry out for-profit activities.įinally, an economic activity may also be classified like primary if they are directly related to agriculture, forestry and other natural resources secondary if they are related to manufacturing, processing and construction and tertiary if it is a service. ![]() Other people serve as employees, who provide labor to an employer and receive a wage. A person can act as a professional, which means that he provides a service and is remunerated according to his specialized knowledge. There are different ways to perform economic activities. Secondary Activities involve the manufacturing of finished goods by processing the raw material produced from the primary sector. When economic activities increase in a country, they produce more money and allow economic growth. What Does Economic Activity Mean?Įconomic activities differ from non-economic activities because the former are measured according to the money generated in the transactions while the latter doesn’t involve money at all. An economic activity groups similar endeavors that provide products or services to institutions or end consumers. Definition: Economic activity is a set of actions that produce, trade, sell or distribute goods or services with the involvement of monetary transactions.
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