Examples of secondary economic activities are: steel making from a combination of minerals, Milk production from pastoral farming, textile production from cotton farming, furniture production from logging. Manufacturing and processing industries are included in this phase of the production process.

Tertiary economic activities are associated with the sale and exchange of manufactured products and raw materials. Examples of this include retail and marketing. In the past hundred years the majority of people living in the developed world have become associated with tertiary economic activities.

Secondary economic activities involve the processing of raw materials (primary products). Examples would include turning timber into furniture and turning iron-ore into steel. Any factory can be seen as a system involving inputs (e.g. timber) processes (e.g. cabinet making) and outputs (e.g. tables and chairs).

Agriculture, forestry, animal husbandry, fishing, poultry farming, mining and quarrying are the activities undertaken in this sector. Secondary sector comprises activities related to the processing of natural resources. Manufacturing is included in this sector.

Manufacturing and Industry sector known as the secondary sector, sometimes as the production sector, includes all branches of human activities that transform raw materials into products or goods. The secondary sector includes secondary processing of raw materials, food manufacturing, textile manufacturing and industry.

The occupations which produce finished goods by using the products of primary activities as raw materials are included in secondary activity. Manufacturing of cloth from cotton, sugar from sugarcane and steel from iron ore are important examples of secondary activities.

(i) Primary Sector (or Agriculture sector). It includes all those economic activities which are connected with extraction and production of natural resources, e.g., agriculture, fishing, mining, etc. (ii) Secondary Sector (or Industrial sector). It facilitates smooth flow of goods and services in the economy.

A student playing cricket is not an economic activity. Economic activity is the activity of making, providing, purchasing, or selling goods or services.

You don’t have to spend money for everything that you want, though. For example, you won’t have to pay anything if you want to spend time sitting and talking to a friend or if you want to lie on the grass and watch the sunset. Wants that can be satisfied without spending money are known as noneconomic wants.

Explanation: Economic wants are those desires that can be met by purchasing/consuming a good, service, or activity. Economic needs are those things that one cannot do without and they can be physical needs such as food, water, clothing.

This would include the needs for food, clothing, shelter and health care. Wants are goods or services that are not necessary but that we desire or wish for. Economic wants are defined as desires that can be satisfied by consuming a good, service or leisure activity.