The wants of mankind are unlimited but resources to satisfy these wants are limited. In order to live, man must work to satisfy these wants.

The work that society does to satisfy wants fall under economic activities whether a farmer cultivates just enough crops for himself and family or he cultivates in excess so as to sell the surplus, he is carrying out activities.

Similarly, a young man who works in an industry or is employed by the hospital for a salary is carrying out economic activities.

Even the services a house wife renders to her husband, so long as they go to satisfy his wants are all economic activities.

Economic activities therefore involved the conversation of scare resources into goods and services in order to satisfy wants.