Choose given statement True/False:

An economic activity is the one that helps a person to generate income.

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True

False

answer is A.

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Detailed Solution

The above statement is true.
Economic activity is the one that helps a person to generate income.
It is something that exists at all levels of society. Additionally, an activity involving producing, distributing, or consuming can also be termed an economic activity. Praying in a temple or reading a book are examples of non-economic activities while running a business or working for a wage are economic activities. Thus, these activities lead to the creation of wealth and assets and also add value to the national income. Economic activities are further divided into three sectors, primary, secondary, and tertiary, depending on the type of activity.

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