Question

Explain different types of economic activities.

Answer 1

1. Economics focuses on the behavior and interactions among economic agents, individuals, and groups in the economic system.
2. It deals with the consumption and production of goods and services and distribution of income among the factors of production.
3. It includes the activities of rational human beings under the existing social, legal, and institutional arrangement.
4. It studies the way in which people use the available resources to satisfy their multiplicity of wants.