Physical activity
In its simplest sense, physical activity means moving about. More definitively, it is any movement produced by the skeletal muscle that results in the expending of calories. This can range from stair climbing to gardening.
How do we measure physical activity?
(take a look at the various methods researchers attempt to measure physical activity. It may not be as easy as you think)
Fitness
Fitness is defined as personal attributes that relate to the ability to perform a certain type of physical activity. Cardiorespiratory fitness is the ability of the body's circulatory and respiratory systems to supply fuel during sustained physical activity. This is typically measured as maximal oxygen consumption or VO2 max (the amount of oxygen your body utilizes during maximal effort).
Exercise
Exercise is a subcategory of physical activity that refers to planned and structured physical activity such as riding an exercise bike.
Quick Note:
People often think that physical activity and fitness are interchangeable terms. The may be in part because both increased levels of physical activity and fitness decrease the risk of cardiovascular disease. Therefore, one could assume that an individual that is more active will automatically have improved fitness. In many cases this is true. Research has shown a positive relationship between vigorous physical activity and fitness. However, the CDC, AHA, and NIH suggest that lower levels of physical activity will improve the risk of cardiovascular disease without improve individual fitness.