Social infrastructure refers to the main elements of social change which serve as a base for the process of social development of a country. It contributes to economic processes indirectly and from outside the system of production and distribution.
Education plays an important role in economic development. Education increases the accessibility of people to modern and scientific ideas.
The main sectors of the Indian economy are the Services. In the last few decades, the development of the primary and secondary sectors has resulted in the rise of several services which are required for the smooth functioning of these sectors such as banking, transport, and insurance.
Service Sectors Play an important role in India. In the last few decades, the development of the primary and secondary sectors has resulted in the rise of several services which are required for the smooth functioning of these sectors such as banking, transport and insurance.
The service sector includes activities that help in the development of the primary and secondary sectors. These activities do not produce good on their own but serve as an aid for the production process.
An institutional unit that can perform economic activities independently is called an economic entity. Consumers, households, firms, and the government are the four basic entities of an economy because they perform the basic economic activities of production and consumption in an economy.
Consumers are the basic economic entities in an economy. They consume goods and services in the market. Generally, consumers consist of institutions, groups of individuals, and individuals.
Producers are the basis of the supply of goods and services in an economy. If there is an increase in the number of producers, then there will be an increase in the supply of goods and services in the market according to the demand of consumers.
The role of the government in the Economy is essential to stimulate or discourage economic activity. This role can be divided into the direct role and indirect role.
Globalization is the integration of the economy of a country with the world economy. It aims to encourage foreign trade and private and institutional foreign investment.