Types of Economic Systems:
- Capitalist/ Market Economy: here individuals make decisions related to consumption and production. It is also called laissez-fair economy.
- State / Command Economy: here government/ state are the sole decision maker about the various aspects of economy. Example – erstwhile Soviet Union.
- Mixed Economy: both market and state complements each other. Most economies in modern world fall under this category.
Activities in an Economy:
- Primary Activities: related to nature i.e. agriculture, mining etc.
- Secondary Activities: adding value to primary goods such as manufacturing, construction etc.
- Tertiary Activities: different types of services (White Collar Jobs) such as banking, tourism, education etc.
- Quaternary Activities: information and R&D based
- Quinary Activities: it includes specialists, decision makers, consultant, policy formulators
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