“Economic Activities “

 > Explanatory Article by Marios Kyriakou, MSc Economics


About the author: Marios Kyriakou has a bachelor’s degree in Economics from the University of Cyprus and a master’s degree in Economics from the University of Warwick. He is also a holder of CySEC’s Advanced Certificate in Financial Services Legal Framework and a professional in Online Trading, Forex and CFDs with more than 7 years of experience.

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<Last updated 13.04.2020>

Dear reader,

Hi! If you are interested in Economics, I’ve prepared the below so you can understand the terminology in Economics. You should take a look at this short article where I explain what it means “Economic Activities“.

Human beings take decisions every single day, every single hour and every single minute. Based on those decisions they often act; they are performing an activity. An activity is the result of those decisions.

People choose to run, to play games to do sports or even trade online stocks. Activity, in general terms, is a specific behavior, a particular kind of action. However, in this area we care only about a specific kind of activity. The activity which has the main purpose of acquiring resources necessary to satisfy needs and wants… and this is called an economic activity. In this case, the person, physically or spiritually, is performing an activity with the intention to gain something in return.

Examples of economic activities are: production, or better, provision of goods and services, investment and… consumption.

> A business which produces products and sells them to its clients.

> A person who offers and provides his, or her, services to others.

> A person who visits the market and purchases goods, provided by businesses, in order to consume them and satisfy needs and wants.

Indeed, all these activities, are called economic.

We often listen to the word “economy”. What does it mean? It is a word that describes all of peoples’ economic activities. Economy (from Greek οίκος – “household” and νέμoμαι – “manage”).

A person who manages a household understands that he or she must engage in economic activities, and by doing so, acquiring the necessary resources required to satisfy the needs of the people living in that household.


 

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Thank you for reading my articles and watching my videos.”

Marios Kyriakou

References:
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Βλαδιμήρου-Παναγιώτου Β. και Κουζαλή-Σωτηρίου Ε., Οικονομικά Β’ Λυκείου, Κύπρος, Α΄ Έκδοση 2016.  Υπηρεσία Ανάπτυξης Προγραμμάτων, Κύπρος.
Βλαδιμήρου-Παναγιώτου Β. και Κουζαλή-Σωτηρίου Ε., Οικονομικά Γ’ Λυκείου, Κύπρος, Α΄ Έκδοση 2017.  Υπηρεσία Ανάπτυξης Προγραμμάτων, Κύπρος.
Besanko, David Braeutigam, Ronald R. Gibbs, Michael, 2011, Microeconomics, Hoboken: John Wiley, 4th ed,
International student version
Frank, Robert H., 2010, Microeconomics and Behavior, New York: McGraw-Hill Irwin, 8th ed.
Estrin, Saul Laidler, David E. W. Dietrich, Michael ., 2008, Microeconomics, Harlow: FT/ Prentice Hall, 5th ed.

Disclaimer: This article is intended for educational purposes only and does not replace independent professional judgement. Its purpose is to act as a complementary educational service to society, promoting personal development and social, economic and cultural progress of citizens. While this content has been prepared in good faith, no representation or warranty, express or implied, is or will be made and no responsibility or liability is or will be accepted by the creator to the accuracy or completeness of the information presented or any other written or oral information made available to any interested party and any such liability is expressly disclaimed.

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