Economic Activity
According to Raich, “Economic activity is the production, distribution, and
consumption of commodities.”
This definition was criticized and rephrased by O’ Connor- “Any economic
activity involving the production, distribution, and consumption of commodities,
depending on the level of generality.”
Classification of economic activities:
In terms of the national economy, a basic classification of economic sectors, broken
into four basic sectors is used:
1. Primary Sector (Raw Materials)
2. Secondary Sector (Manufacturing and Industry)
3. Tertiary Sector (Service Sector)
4. Quaternary Sector (Knowledge Sector)
5. Quinary Sector (Decision Making Sector)
According to Raich, “Economic activity is the production, distribution, and
consumption of commodities.”
This definition was criticized and rephrased by O’ Connor- “Any economic
activity involving the production, distribution, and consumption of commodities,
depending on the level of generality.”
Classification of economic activities:
In terms of the national economy, a basic classification of economic sectors, broken
into four basic sectors is used:
1. Primary Sector (Raw Materials)
2. Secondary Sector (Manufacturing and Industry)
3. Tertiary Sector (Service Sector)
4. Quaternary Sector (Knowledge Sector)
5. Quinary Sector (Decision Making Sector)
