2. Economic Activity

Based on the type of action involved, fundamental economic activities are classified into the following types.

 

1. Primary Economic Activities
(e.g., Raw cotton production, hunting, fishing, animal rearing)
2. Secondary Economic Activities
(e.g., Spinning mill, Automobile manufacturing, Food processing industry, shipbuilding, metalworking and smelting )
3. Tertiary Economic Activities
(e.g. Trade, Transport, health, Communication, education, administration )
4. Quaternary Activities (e.g. Banking sector, information and communication technologies, consultation)
5. Quinary Activities (e.g. Judicial sector,  research and development (R&D) activities, e-learning, business research, intellectual property (IP) research, the legal profession and the banking sector.)

 

As the name suggests, they have started from the very beginning. Activities that involve collecting, extracting or harvesting natural resources are called Primary Economic Activities. It includes agriculture, mining, forestry, grazing, hunting and gathering, fishing, and quarrying.

 

Activities that convert raw materials extracted from the primary activities into finished products that are fit for human consumption are called secondary economic activities.