Economics : It is the social science that analyzes the production,distribution and consumption of goods and services.lt is subdivided in to Microeconomic- which examines the behaviour of firms,consumers and the role of government and Macroeconomics which deals with infation,unemployment,industrial production and the role of the government.
Types of Economy
Socialistic Economy: It is characterized by existence of public enterprise or state ownership of capital in all the important spheres of economic activity. Capitalistic economy: It is characterized by existence of private enterprise and ownership of all important sectors of production.
Mixed economy: In a mixed economy,the government will provide essential goods and services which the market fails to produce well. In this system, public and private sectors co—exist. India’s economy is a mixed economy.
Sectors of Economy:
Primary Sector: The primary sector of the economy makes direct use of national resources. This includes agriculture, roaster and fishing, mining , extraction of oil and gas. Primary sectors of Indian economy is agriculture and the related sectors.
Secondary Sector: This sector generally takes the output of the primary sectors and manufactures finished goods. All industrial production where physical goods are produced come under the secondary sectors.
Tertiary Sector: It involves providing intangible goods like services . Financial services, management, consultancy, and IT are good examples of service sectors.