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3. What do you mean by economic activities of man? What are such economic activities?​

Answer» <html><body><p>Economic activities are <a href="https://interviewquestions.tuteehub.com/tag/relatedbrbr-2983848" style="font-weight:bold;" target="_blank" title="Click to know more about RELATED">RELATED</a> to production, distribution, exchange and consumption of goods and services. ... In other words, economic activities are those efforts which are undertaken by man to earn Income, Money, Wealth for his life and to secure <a href="https://interviewquestions.tuteehub.com/tag/maximum-556915" style="font-weight:bold;" target="_blank" title="Click to know more about MAXIMUM">MAXIMUM</a> satisfaction of wants with limited and scarce means.</p><p></p><p></p><p></p><p>Production, consumption and capital formation are called the basic economic</p><p></p><p>activities of an <a href="https://interviewquestions.tuteehub.com/tag/economy-21801" style="font-weight:bold;" target="_blank" title="Click to know more about ECONOMY">ECONOMY</a>. Scarce resources are used in the production of goods and</p><p></p><p>services with the objective of satisfying our needs and wants. The process of</p><p></p><p>production of goods and services is <a href="https://interviewquestions.tuteehub.com/tag/carried-7257188" style="font-weight:bold;" target="_blank" title="Click to know more about CARRIED">CARRIED</a> by combining the factors <a href="https://interviewquestions.tuteehub.com/tag/like-1073845" style="font-weight:bold;" target="_blank" title="Click to know more about LIKE">LIKE</a> land, labour,</p><p></p><p>capital and entrepreneurship. Factors are paid rent, wages, interest and profits for</p><p></p><p>their productive services. The consumption activity consists of the use of goods and</p><p></p><p>services for the direct satisfaction of individual or collective human wants. A part of</p><p></p><p>current production is saved for future to add to existing capital stock like, plant,</p><p></p><p>machinery, building etc. every year in order to expand production potential in future.</p><p></p><p></p></body></html>


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