Economic Activity is an activity of providing, making, buying or selling commodities or services by people to satisfy day-to-day needs of life. Any activity that includes manufacturing, distributing or utilizing products or services.
There are 4 types of Economic Activities (1) Primary Activities (2) Secondary Activities, (3) Tertiary Activities, and (4) Quaternary Services.
The four stages of the economic cycle are also referred to as the business cycle. These four stages are (1) Expansion, (2)Peak, (3) Contraction, and (4) Trough. During the expansion phase, the economy experiences relatively rapid growth, interest rates tend to be low, production increases, and inflationary pressures build.