Economic

Three spheres of economic activity

Three spheres of economic activity

As was mentioned in the previous chapter, economic activity takes place in three major spheres, which we designated as the core, public purpose, and business spheres.

  1. What are the 3 main types of economic activities explain with examples?
  2. What are the three basic activities of an economy?
  3. What are the types of economic activity?
  4. What are the 4 types of economic activity?

What are the 3 main types of economic activities explain with examples?

Answer

What are the three basic activities of an economy?

Production, consumption and capital formation are called the basic economic activities of an economy. Scarce resources are used in the production of goods and services with the objective of satisfying our needs and wants.

What are the types of economic activity?

Four Types of Economic Activities

What are the 4 types of economic activity?

There are four (4) levels of economic activities:

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