Economic Activities

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Let take a look about Economic Activities in Nigeria today....

What is economic activity? examples

Economic activity is the activity of making, providing, purchasing, or selling goods or services. Any action that involves producing, distributing, or consuming products or services is an economic activity.

Economic activities exist at all levels within a society. Additionally, any activities involving money or the exchange of products or services are economic activities. For instance, running a small business is a great example of economic activity .

Employees working in a factory and receiving wages, for example, are performing economic activities. Their employers are also economically active because they pay the workers and make and sell goods.

The term contrasts with non-economic activities. When somebody goes to a temple to pray or meditate, for example, they are performing a non-economic activity. So is helping a friend study if you receive no money for that help.

Economic ....

“Economic activity is the process by which the stock of resources or stock of capital produces a flow of output of goods and services that people utilize in partial satisfaction of their unlimited wants.”

“This process involves not only the production of goods and services but their distribution among the various members of the community.”

“The activity of producing, buying, or selling products or services.”

All activities which we perform in exchange for money or things of value are economic activities.

Put simply; economic activities are those which we undertake to earn income, money, or wealth.

Unlimited wants vs. scarcity
With these activities, we secure the greatest satisfaction of unlimited wants with scarce and limited means.

‘Unlimited wants’ is an economic term. It refers to human’s insatiable appetite for things. Humans never get enough because there is always something else that we want or need.

However, even though we have unlimited wants, the resources we have available to get them is limited. In other words, the things we want are scarce.

Scarcity, which has plagued us ever since we first set foot on this Earth, has two halves:

Limited resources.
Unlimited wants.
GDP
GDP is the sum of every economic activity in a country. GDP stands for gross domestic product.

It is the most important economic measure of the state of a country’s economy. With one simple figure, we can tell whether an economy has grown, shrunk, or remained the same since one year ago.

In other words, GDP tells us whether economic activity has increased, declined, or remained flat.