Business, 25.01.2022 19:30 angie249

What is the importance of economic activities in development

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Economic activities of a country determine the growth of a country in terms of monetary aspects of development of the citizens. Better income of the citizens can be achieved with better economic activities of the country. In turn, income status of people decides the kind of health and education people can avail.

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Answer from: xlajbd

The question seems to be more generalised. For survival one needs products and services. One cannot produce his own product so needs to depend on others. To depend on others he needs money so he starts his own economic activity. So it goes on and on. The same thing with the govt too.

Definition of economic activities

An economic activity is a process that, based on inputs, leads to the manufacture of a good or the provision of a service. The classification of activities divides economic activities into categories which, by aggregation, make it possible to define the sectors of activity (Agriculture, Industry, Construction, Trade, etc.).
The units in which business statistics are concerned (enterprises, legal units, establishments, etc.) may carry out one or more economic activities, but each unit has only one main activity. The sectoral classification of a unit corresponds to the sector of activity to which its main activity belongs.
In labour force or employment by activity statistics, individuals are classified according to the main activity of the establishment or enterprise that employs them. This establishment may be different from the one where they work, particularly for temporary workers, employees of cleaning companies and equipment maintenance services.

Importance of economic activities in the development of the country:

- Economic development is a process of directed activities and programs that work to develop the economic comfort and quality of life of a community.

-There are chiefly three main sectors of Indian economy; primary, secondary as well as tertiary.

-The role of the primary sector is for the extraction of raw material; the secondary sector is dependent on natural ingredients and is considered the best sector.

-The tertiary sector is a service sector and is contributes the largest in terms of share in GDP in the Indian economy.

Answer from: Quest

Hey it’s horizontal ruler

Answer from: Quest

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