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- Economic activities refer to all human endeavors that produce goods, services, and income.
- They are classified into four main categories: primary, secondary, tertiary, and quaternary activities.
- Primary activities involve the extraction and utilization of natural resources, such as farming, fishing, forestry, and mining.
- Secondary activities include manufacturing, processing, and construction, transforming raw materials into finished products.
- Trade refers to the exchange of goods and services between individuals, businesses, or countries.
- Domestic trade involves the exchange of goods within the boundaries of a country.
- International trade involves the exchange of goods and services between different countries.
- The balance of trade is the difference between the value of exports and imports of a country.
- A trade surplus occurs when exports exceed imports, while a trade deficit occurs when impor
- Industries are the economic activities concerned with the processing of raw materials and manufacturing goods.
- They are classified into three types: primary, secondary, and tertiary industries.
- Primary industries involve extraction and harvesting of natural resources, such as mining, fishing, and agriculture.
- Secondary industries focus on manufacturing and construction, including factories producing goods from raw materials.
- Tertiary industries
- Agriculture is the primary sector of the economy and the backbone of many developing nations.
- It involves the cultivation of crops and rearing of livestock for food, fiber, and other products.
- Subsistence agriculture focuses on growing crops to meet the needs of the farmer's family.
- Commercial agriculture is practiced on a larger scale to sell products in markets for profit.
- The main types of agriculture include intensive farming, extensive farmi