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Economic Activities

Economic activities are concerned with production, exchange and distribution of products and services. Human beings undertake to perform economic activities to earn their livelihood and to acquire wealth. A manufacturer, a trader, an agriculturist, an icecream vendor, a doctor, a teacher and a laborer working in a factory are all doing economic activities. These activities enable people to earn a living and acquire wealth. In other words, these activities satisfy the economic needs of the people.

The essence of an economic activity is production and distribution of goods and services or rendering of some service. The return of economic activities can be expressed in terms of money. A businessman earns profits, a doctor charges fee for his services and an employee gets wages and salaries from the employer.

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