Economic Activity Flashcards
What is economic activity in your own words?
Economic Activity is an activity of making, providing, purchasing, or selling goods or services.
List the 4 types of economic activity.
Primary, Secondary, Tertiary, Quatemary
Give an example of economic activity relating to pepper sauce.
plant pepper plants, harvest peppers, transport to a factory, clean and sorted out, mixed with other ingredients to make pepper sauce, bottled, packaged in bulk, transported for distribution, and grocery.
Explain primary economic activities.
Refers to any type of economic activity that involves collecting, harvesting, or extracting any type of natural resources: cultivation of land and raw materials.
List examples of primary economic activties.
Agriculture, hunting , forestry, fishing and ranching
Explain secondary economic activities.
Produces the finished goods from raw materials extracted from the primary economy. This includes adding value and manufacturing and processing raw materials into products.
List examples of secondary economic activities.
Shipbuilding, car manufacturing, construction, textile production, and oil refining.
Explain tertiary economic activities.
This refers to the service sector or service industry because people or businesses provide services to the general community.
List examples of tertiary economic activties.
Retail, teachers, doctors, lawyers, banking, tourism and restaurants.
What is GDP? Explain it.
Gross Domestic Product (GDP) is the total value of goods and services produced by a country in a year.
Why is it important?
Creation of jobs, Increased tax revenue and improved life quality.
