![]() ![]() Physical geography is a limiting factor in primary economic activity. ![]() Certain countries have a higher proportion of raw resources within their borders (such as oil, gold, or diamonds), while other countries do not have the The types of materials a country can collect or harvest are primarily tied to physical geography. Many smaller and less developed countries rely on these activities and export the materials. This can include logging, mining, and farming. Primary economic activity usually involves raw materials (mainly collecting them). Within an economy, there are four types of economic activity. What are some examples of economic activities? Governments may subsidise an activity, service, or industry if they determine that there is a need for expansion to meet the needs of their citizens. Corporations adjust their economic activity based on the principle of supply and demand, which is dictated by consumer spending data. Economic activity analyses must include reviewing the needs of many different groups within a country and the resources required to increase or decrease the production of different economic activities. 1 - This car factory in Gliwice, Poland, helps meet the demand for transportation while also generating revenueĮconomic activity is constantly reviewed and revised. All of these are influenced by and, in turn, can influence-economic activity.įig. This includes producing food so a population can eat, manufacturing, purchasing, or selling vehicles so citizens can access transportation, or ensuring citizens have access to services that can better their quality of life. What is the point of contributing to an economy anyway? Well, at the end of the day, the purpose of economic activity is to meet the needs (and wants) of citizens. This can be as simple as selling seeds to grow potatoes to growing potatoes to sell to other countries to produce and sell a bag of crisps! In more developed countries, service and research industries are more prevalent and earn these countries far more money. In other words, economic activity is anything that contributes to an economy. ![]() On a national level, economic activity is the collection of activities designed to build a country's wealth through whatever means are available. ![]()
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