Production
The creation of goods. This occurs at several different levels known as economic sectors:Sector | Definition | Examples |
Primary Sector | The production of raw materials. | Agriculture, fishing, mining and forestry. |
The production of finished products. | Manufacturing of technology, fast moving consumer goods, furniture, vehicles and clothing. | |
The delivery of intangible value commonly known as services. | Information technology services, finance, entertainment, games, music, events, culture, community services, healthcare, hospitality, travel, business services, advertising, media and product as a service. | |
Quaternary Sector | The delivery of services that are knowledge-intensive. | Consulting, professional services and business process outsourcing. |
Value created by governments. | Security, safety, infrastructure, education and healthcare services. | |
Voluntary Sector | Value created without a paycheck. | Community volunteers and work within a family such as a grandfather who babysits. |
Labor
Offering your talents to a business, government, non-profit or individual in return for compensation.Marketing
The end-to-end process of developing, producing, promoting, pricing, selling and distributing products and services.Consumption
The process of researching, purchasing and using products and services. For example, shopping and traveling are economic activities.Research & Development
The process of discovering knowledge and developing new products, services, experiences, processes, methods, components and materials.Entrepreneurship
Launching new businesses that offer value to markets. An important economic activity that creates economic change.Investing
Putting capital to work in an efficient way to earn a return. For example, investing in a company that produces products and services.Speculation
An attempt to profit due to price changes without creating any value. For example, buying gold because you feel the price of gold will increase doesn't create value but can result in a transfer of wealth.Rent Seeking
Rent seeking is any activity that pursues wealth or income without adding value. For example, a lobby group that seeks subsidies or special treatment from a government.Economic Bads
Creating negative economic value. For example, a fishing boat that loses a large net in the ocean such that it adds to the problem of ocean plastic.| Overview: Economic Activity | ||
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