Question

What is economic activity?

Hint:

If it involves making, selling, or using goods and services to earn a living, it's an economic activity.

Answer 1

An economic activity is any activity that involves the production, distribution, and consumption of goods and services to satisfy human wants. It is concerned with the use of scarce resources to generate income and wealth. Examples include a farmer growing crops, a factory worker making cars, a doctor treating patients, and a teacher providing education.