Economics is the study of how scarce resources are utilized to produce the valuable goods and services efficiently and distribute them among different sections of society. The government makes decisions on how to use these resources and distribute to people of nation. These set of decisions are termed as Economic Policies. Economy is a general term used to represent country.
There are three types of Economy:
There are three sectors of economy:
Based on dominance of sector, the economy can be classified into three types:
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