Economic Activity : The activity which gives an income is called an Economic Activity.
Economy : When economic activities are carried out in a framework then it is called an economy.
Secondary Activities : Secondary activities are those activities in which primary goods are used to produce some other commodity.
Primary Activities : Primary activities of an economy are those activities which are associated directly with land and water e.g. farming, hunting, fishing, etc.
Tertiary Activities : All those activities which link the producers and consumers are called tertiary activities. Retail stores, wholesale shops and banks are some of its examples.
Private Sector : The private sector is owned and controlled by individuals or a group of individuals with the objective of profit making.
Public Sector : Public sector are controlled and owned by the government with the aim of social welfare in general.
Unemployment : It is a situation in which a section of people, who are able and willing to work but do not find gainful work.
Disguised unemployment : It is a situation in which more people are engaged in an activity than the required one.
Main cause of unemployment : Population growth is the main cause of unemployment in India.
Gross Domestic Product : It is the value of all final goods and services produced within a country during a particular year.
Organised Sector : Organised sector covers those enterprises or places of work where the terms of employment are regular and therefore people have assured work.
Unorganised Sector : It is characterised by small and scattered units which are largely outside the control of the government.
Rising Importence of the Tertiary Sector in production But not in Employment Generation : The tertiary sector emerged as the largest producing sector in India replacing the primary sector but a similar shift has not taken place in employment. Production in this sector rose by 11 times and employment in this sector rose less than three times.
How to create more employment ? More employment can be created in countries like India by constructing new dams, digging canals to irrigate more farms, investing in transportation and storage and by providing bank credit at reasonable rates.
NREG Act 2005 : Under NREGA 2005, all those who are able to and are in need of work have been guranteed 100 days of employment in a year by the government. If the government fails to provide employment it will have to give unemployment allowances to the people.