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Q.

[[1]] activity is characterised by the input of resources, a production process, and an output of products (goods or services).


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Detailed Solution

Economic activity is characterised by the input of resources, a production process, and an output of products (goods or services).
Additionally, it entails investing in raw materials, exchanging a commodity in the market, conserving money for the future, and investing in productive items that support the economy. An example of economic activity would be a doctor working at his clinic since he is boosting the economy. Other than those activities that are done for personal gratification, these are not included.
 
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[[1]] activity is characterised by the input of resources, a production process, and an output of products (goods or services).