Final answer:
The two broad classes of production activities are the secondary economic sector focused on manufacturing, and the tertiary economic sector centered on services. The importance of services has grown over time, while manufacturing, though crucial, has diminished as a percentage of GDP.
Step-by-step explanation:
Two Broad Classes of Production Activities
The two broad classes of production activities are the secondary economic sector and the tertiary economic sector. The secondary economic sector involves activities such as manufacturing, where raw materials are processed into goods. An historical example of the growth of this sector can be seen during the Industrial Revolution in the United States, where manufacturing became a significant part of the economy.
The tertiary economic sector, on the other hand, focuses on service production, which does not result in physical products but rather in services that facilitate personal and business operations. Over time, the contribution of services to the total Gross Domestic Product (GDP) has increased substantially, signaling a shift from a manufacturing-dominated economy to a service-oriented one.
Furthermore, some sources also mention the quaternary economic sector, which involves information processing and management, reflecting the modern importance of data and technology in production.