Objective

behavior setting may be regarded as a "cooperative plant" which has no objective function

of its own but should be managed in such a way as to maximize the total net benefits distributed

to the members, each member profiting in proportion to the amount he puts into the setting. Each

member tries to allocate his total resources between this setting and all others in such a way as to

maximize his expected total utility. If the Jetting is a classroom, the teacher is responsible for

managing tne setting for the maximum benefit of the students. The students share in proportion
to what they put into the setting (including study outside of the class itself); the teacher may get

various rewards for good manage ment of the setting in terms of (1) implicit or explicit feedback

from students as to how much they are getting out of the course, (2) selfapproval for living up
to her ego ideal, and (3) higher salary.

Non-Economic Characteristics
We can categorize the characteristics of land into non-economic characteristics and economic
characteristics. Let's look at the non-economic characteristics first.

 Land is permanent. In other words, the surface of the Earth is not going anywhere. Sure,
you can cut timber and mine minerals, but the surface, in some form, remains.
 Land is unique, meaning it's not heterogeneous. No two pieces of land is the same.
 Land, at least the surface, is considered indestructible. While the surface can be
damaged, it can't be destroyed. Yes, it's probably theoretically possible to utterly destroy
the surface of the Earth, but if that is going to happen, we would have more important
things to worry about.
 Land is immovable. Again, we are talking about the surface, not the things on or in it like
oil, gas, trees and crops.

Characteristics of Economic Activities:

The following are the characteristics of economic activities:

1. Wealth Producing Activities:

The economic activities are undertaken to produce wealth. The wealth is produced by productive
activities. The production may be for the consumption of family members or for the others. A
farmer may grow vegetables for his family consumption and for selling in the market. The
produce sold in the market will fetch income for the farmer.
. Satisfying Human Wants:

ADVERTISEMENTS:

The main aim of economic activities is to satisfy human needs. The needs to be satisfied may be
present or future. When a person undertakes a job to earn money and buy necessities for his
family then it will be satisfying present needs. On the other hand when a person saves money out
of his current earnings for satisfying his needs after the retirement then it will be a plan for the
future.

3. Money Income:

All economic activities, these may be related to business, profession or service, help in earning
money income. People undertake these activities to satisfy their family needs with the help of
money earned through productive activities. A living is possible with money income earned from
economic activities.

Primary Sector of Seconimc

An industry involved in the extraction and collection of natural resources, such as copper and
timber, as well as by activities such as farming and fishing. A company in a primary industry can
also be involved in turning natural resources into products. Primary industry tends to make up a
larger portion of the economy of developing countries than they do for developed countries. See
also service industry, secondary industry. The primary sector is concerned with the extraction
of raw materials. It includes fishing, farming and mining.[1]

Primary industry is a larger sector in developing countries; for instance, animal husbandry is
more common in countries in Africa than in Japan.[2] Mining in 19th-century South Wales
provides a case study of how an economy can come to rely on one form of activity.[3]

In developed countries the primary industry has become more technologically advanced, for
instance the mechanization of farming as opposed to hand picking and planting.[4] In more
developed economies additional capital is invested in primary means of production. As an
example, in the United States corn belt, combine harvesters pick the corn, and spray systems
distribute large amounts of insecticides, herbicides and fungicides, producing a higher yield than
is possible using less capital-intensive techniques. These technological advances and investment
allow the primary sector to require less workforce and, this way, developed countries tend to
have a smaller percentage of their workforce involved in primary activities, instead having a
higher percentage involved in the secondary and tertiary sectors.[5]

Developed countries are allowed to maintain and develop their primary industries even further
due to the excess wealth. For instance, European Union agricultural subsidies provide buffers for
the fluctuating inflation rates and prices of agricultural produce. This allows developed countries
to be able to export their agricultural products at extraordinarily low prices. This makes them
extremely competitive against those of poor or underdeveloped countries that maintain free
market policies and low or non-existent tariffs to counter them.[6][7][8] Such differences also come
about due to more efficient production in developed economies, given farm machinery, better
information available to farmers, and often larger scale.

Secondary Sector

The secondary sector of the economy includes industries that produce a finished, usable
product or are involved in construction.

This sector generally takes the output of the primary sector and manufactures finished goods or
where they are suitable for used by other businesses, for export, or sale to domestic consumers.
This sector is often divided into light industry and heavy industry. Many of these industries
consume large quantities of energy and require factories and machinery to convert the raw
materials into goods and products. They also produce waste materials and waste heat that may
cause environmental problems or cause pollution. The secondary sector supports both the
primary and tertiary sector.

Some economists contrast wealth-producing sectors in an economy such as manufacturing with

the service sector which tends to be wealth-consuming.[1] Examples of service may include
retail, insurance, and government. These economists contend that an economy begins to decline
as its wealth-producing sector shrinks.[2] Manufacturing is an important activity to promote
economic growth and development. Nations that export manufactured products tend to generate
higher marginal GDP growth which supports higher incomes and marginal tax revenue needed to
fund the quality of life initiatives such as health care and infrastructure in the economy. The field
is an important source for engineering job opportunities. Among developed countries, it is an
important source of well paying jobs for the middle class to facilitate greater social mobility for
successive generations on the economy

The tertiary sector or service sector is the third of the three economic sectors of the three-sector
theory. The others are the secondary sector (approximately the same as manufacturing), and the
primary sector (raw materials).

The service sector consists of the production of services instead of end products. Services (also
known as "intangible goods") include attention, advice, access, experience, discussion, and
affective labor. The production of information has long been regarded as a service, but some
economists now attribute it to a fourth sector, the quaternary sector.

The tertiary sector of industry involves the provision of services to other businesses as well as
final consumers. Services may involve the transport, distribution and sale of goods from
producer to a consumer, as may happen in wholesaling and retailing, pest control or
entertainment. The goods may be transformed in the process of providing the service, as happens
in the restaurant industry. However, the focus is on people interacting with people and serving
the customer rather than transforming physical goods.