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Types of Economic Activities

Free Enterprise
Free Enterprise

Free enterprise is an economic system where few restrictions are placed on business activities and ownership in terms of trade and government intervention. Free enterprise is an economic system where few restrictions are placed on business activities and ownership in terms of trade and government intervention.

Infrastructure
Infrastructure

ADVERTISEMENTS: Infrastructure is the basic requirement of economic development. It does not directly produce goods and services but facilitates production in primary, secondary and tertiary economic activities by creating external economies.

Knowledge Sector (Quarternary Sector)
Knowledge Sector (Quarternary Sector)

"Quaternary sector" is a further delineation of the three-sector hypothesis of industry in the sense that the quaternary sector refers to a part of the third or tertiary sector along with the quinary economic sector.

Manufacturing and Industry (Secondary Sector)
Manufacturing and Industry (Secondary Sector)

Manufacturing and Industry sector known as the secondary sector, sometimes as the production sector, includes all branches of human activities that transform raw materials into products or goods. The secondary sector includes secondary processing of raw materials, food manufacturing, textile manufacturing and industry.

Primary
Primary

A primary economic activity involves sourcing or extracting natural resources from the land or bodies of water. Natural resources are those that occur naturally and are not... A primary economic activity involves sourcing or extracting natural resources from the land or bodies of water.

source: reference.com
Raw Materials (Primary Sector)
Raw Materials (Primary Sector)

Basic classification of the primary sector as follows: Agriculture (crop and animal husbandry) Forestry and logging; Hunting and fishing; Mining and extraction of raw materials; For more detailed breakdown of the primary sector into individual branches and into individual economic activities, there are used different classifications of human activities.

Service Sector (Tertiary Sector)
Service Sector (Tertiary Sector)

The tertiary sector or service sector is the third of the three economic sectors of the three-sector theory. The others are the secondary sector (approximately the same as manufacturing), and the primary sector (raw materials).

Socialist Economy
Socialist Economy

“Socialism refers to the government ownership of the means of production, planning by the government and income distribution”-Samuelson. Meaning: Socialist means the system under which economic system is controlled and regulated by the government so as to ensure welfare and equal opportunity to the people in a society.

Tertiary
Tertiary

The tertiary sector of the economy includes the distribution of goods and the provision of services. Ed … ucation, retailing, wholesaling, health care, television and radio communications, computer programming, professional services, and transportation are other examples of tertiary activities.

Tertiary Service Industries Extransportation, and Technology Services
Tertiary Service Industries Extransportation, and Technology Services

service industries ex.transportation, ... levels of economic Activity. ... service industries ex.transportation, and technology services.

source: quizlet.com

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