<Last updated 13.04.2020>
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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