Meaning of economic sector of india information briefly describe
Answers
Answer:
an economic sector of india refers to the way a nation makes economic choices about how the nation will use its resources to produce and distribute goods and services. The Indian Economy was called an underdeveloped economy but slowly become a developing economy but is now referred to as the mixed economy.
An economic system is defined by a way wherein the country’s resources are utilized to produce goods and services in such a manner that these goods and services are distributed for consumption. It is a system that involves production, distribution, and consumption of goods and services between the entities in a particular society.
The economy of India stands as the world’s 12th largest according to the market exchange rates and is also the 4th largest economy on the basis of Purchasing Power Parity. The Indian Economic System was based on the basis of Social Democratic policies from the year 1947 to 1991.
Answer:
Explanation:
It is a division of a country's population based upon the economic area in which that population is employed. Many economists recognize the following five economic sectors; the primary sector which includes agriculture, mining and other natural resource industries; the secondary sector covering manufacturing, engineering and construction; a tertiary sector for the service industries, the quaternary sector for intellectual activities involving education and research and the quinary sector reserved for high level decision makers in government and industry.
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