Q:
What is a primary economic activity?
A:
Quick Answer
A primary economic activity involves sourcing or extracting natural resources from the land or bodies of water. Natural resources are those that occur naturally and are not manmade.
Continue Reading
Credit:
Elliott Brown
CC-BY 2.0
Full Answer
Economic activity produces consumer goods or provides services. Examples of primary economic activities include these examples:
- Commercial fishing
- Farming - growing crops (arable farming) or animal husbandry (pastoral farming)
- Quarrying - extracting sand or gravel
- Mining of minerals, oil and gas extraction, and production
- Harvesting materials that grow in the wild, such as peat moss
- Forestry and logging
- Irrigation
- Fish farming or aquaculture
Other types of economic activities are classified as secondary, tertiary or quaternary.
Learn more about EconomicsRelated Questions
-
Q:
What is the role of entrepreneurs in economic development?
A: Entrepreneurs create jobs, disperse wealth and encourage regional development. Entrepreneurs are the basis of economic development, because they create new... Full Answer >Filed Under: -
Q:
How does unemployment influence and affect economic growth?
A: Unemployment and economic growth are dependent on one another in many ways, and oftentimes unemployment leads to slower economic growth. Since unemployment... Full Answer >Filed Under: -
Q:
What is the role of the Bureau of Economic Analysis?
A: The Bureau of Economic Analysis is an agency of the Department of Commerce's Economics and Statistics Administration. Its role is to promote a better under... Full Answer >Filed Under: -
Q:
What are some of the advantages and disadvantages of economic growth?
A: Among the key advantages of economic growth are improved standards of living, increased employment and investment in cleaner technologies, while some of th... Full Answer >Filed Under:
