The activities contributing to the flow of goods and services are known as ____.

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Detailed Solution

The activities that contribute to the flow of goods and services are known as economic activities.
When resources like labour, capital goods, manufacturing processes, or intermediary items are combined to create particular goods or services, that is considered an economic activity. Therefore, a production process, resource input, and output of commodities or services make up economic activity. It can belong to either the primary, secondary, or tertiary sectors. Thus, farming, manufacturing of products like machinery, services like teaching in schools and universities, and research are all economic activities. Economic activities are further classified into the market and non-market activities. Those services or products that earn revenue are called “market activities.”

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