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Types of economy

How Many Types of Economy ?

October 6, 2020

An economy is a system in which goods are produced and then exchanged. A state will most probably collapse without a viable economy. Every economy in the world is unique in itself in some way or the other. Economies are never identical. Still, these economies have many similarities in the case of their features and characteristics. There are four types of economies-¬†free-market economy, command economy, traditional economy, and mixed economy. The Four types of Economies Free-Market Economies: Free-Market Economies are …

Different Sectors Of Economy

Sectors Of Economy

August 26, 2020

The economy of a country is divided into several segments to define the ratio of the population of places engaged in different activities. It represents the distance continuity from the natural environment. It starts with the utility of raw materials like agriculture and mining. Then it starts to distance itself from the natural resources as the sectors get more detached from the processing of the raw materials. The different areas of the economy are:   Primary Sector:  The primary sector of the …

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