Social studies

Question 1

How are economic activities classified?

Answer 1

Ans: Economic activities are classified into three sectors :
Primary Sector: Involves the extraction of natural resources, like farming, fishing, and mining.
Secondary Sector: Involves manufacturing and processing activities, such as factories and industries.
Tertiary Sector: Involves services like transportation and healthcare.

Question 2

1. What is the primary sector?

Answer 2

Ans: The primary sector involves activities related to the extraction and use of natural resources, such as farming, fishing, and mining. It focuses on providing raw materials directly from nature.

Question 3

Give an example of interdependence between primary, secondary, and tertiary sectors.

Answer 3

Primary Sector: Farmers grow wheat (raw material).
Secondary Sector: Wheat is processed in factories to produce flour and is then baked into bread.
Tertiary Sector: Transport services deliver bread to grocery stores, where it is sold to consumers.

Question 4

What is economy ?

Answer 4

Economy is a system for producing , distributing and consuming goods and services.

Question 5

What is monetary value ?

Answer 5

Monetary value is the value of commodities and services in currency (money).