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.
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.
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.
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.
the Industrial Policy Resolution of 1948. These policy
resolutions divided the economy into public and private sectors. It was based on the assumption that large-scale investment in the public sector, a high level of public investments and public sector investment would encourage the growth and profitability of many private enterprises.
Economic activities of the Indian economy are classified into three broad sectors—the primary sector, the secondary sector and the tertiary sector.
Industrialisation is a process which involves the substitution of machine-power with man-power. It refers to the growing mechanisation in the production process in the industrial sector.
Professor Lionel Robbins provided the following reasons for the emergence of economic problem: Human wants are unlimited because there is no end to human wants.
Economics studies the economic behaviour of individuals and organization in society. It also studies individuals and organizations engaged in economic activities concerned with the production, distribution and consumption of goods and services. Hence, Economics is regarded as the queen of all social sciences.
In this article you are going to read different types of economy. An economy is a system which provides people with goods and services and directly or indirectly satisfies their wants.