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Economics Activities - Sections of the Economy

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Economics Activities - Sections of the Economy - Lesson Summary

People work to generate income to be able to provide for themselves and their families. The national income of a country is measured by its gross domestic product, or GDP, which is the total value of all the goods and services produced in the country in a year. The different activities that people carry out to create goods and services, which contribute towards the national income, are called economic activities.

Economic activities can be classified based on their nature and purpose. Based on their nature the economic activities can be classified into three sectors: primary sector, secondary sector and tertiary sector. Based on their purpose, economic activities can be classified as market activities and non-market activities.

The primary sector economic activities are agriculture and forestry, animal husbandry, fishing, poultry farming, and mining. The secondary sector economic activities include quarrying or mining of stone slabs, and manufacturing of goods. The tertiary sector economic activities include trade, transport, communication, banking, insurance, education, healthcare and tourism.

The economic activities performed with the purpose of generating income or profit, are called market activities like the production of goods and services for customers, and salaried jobs. The economic activities performed with the purpose of producing or gathering things for self-consumption are called non-market activities like small-scale farming, fishing, gathering jungle produce and processing raw food by cooking.

In our society, men are expected to go out and work to earn money and provide for the family while women are expected to stay at home, and look after household chores like cooking, cleaning, washing and the children.

Today, women also go out, work and get paid just like men. The earning capacity of a person depends on his or her education and vocational skills. Women with poor education and skills are employed in the unorganized sector. The main disadvantages for women employed in the unorganized sector are less wages than men, low and irregular income, no job security and legal protection, and absence of basic facilities like maternity leave, medical care and child care.

Women with higher education and advanced skills secure high paying jobs as teachers, doctors and administrative officers in the organized sector. The advantages of jobs in the organized sector are, women get paid at par with their male colleagues, enjoy all the benefits of a secure job, legal protection and additional assured benefits.

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