1. Types of economic activities

2. Economic activities are classified into groups using some important criterion. These groups are known as sectors of economy.

3. Four main types of economic activity
Primary
Secondary
Tertiary
Quaternary
Four main types of economic activity

4. Primary Sector
The economic activities which are connected with the extraction and production of natural resources, for e.g., agriculture, fishing, mining, etc., are in the primary sector.

5. Secondary Sector
. These economic activities are related to the manufacturing process or processing raw materials into usable goods

6. Tertiary Sector
This level of economic activity refers to providing services. These might include teaching, medicine, banking, truck driving, salespersons, artists, custodians, or anyone else who helps other people with their work.

7. Quaternary Sector
This level of activity includes intellectual activities such as computing, ITC (information technology and communication), consultancy (offering advice to businesses), research and development, (particularly in scientific fields), or higher education. They are not tied to resources, affected by the environment, or necessarily localized by market.

8. The employment structure of a given country can tell you quite a lot about its economy.
In the richest countries, for example, there will usually be more people working in the tertiary/quaternary sector than in the primary and secondary sectors. In the poorest countries, generally more people work in the primary sector than in either the secondary or tertiary.
*Note that the tertiary/quaternary sectors are merged.

9. Gross Domestic Product (GDP)
The value of final goods and services produced in each sector during a particular year provides the total production of the sector for that year. And the sum of production in the sectors gives the Gross Domestic Product of a country. GDP shows the size of a country’s economy.