BS-Classification of business, page no 13-15
Dividing an economy into different sectors helps economists analyze the economic activity within those sectors. As a result, sector analysis provides an indication as to whether an economy is expanding or if areas of an economy are experiencing contraction.
Changes in sector importance: The economy of a country is divided into different sectors such as primary, secondary, and tertiary sectors. The importance of these sectors changes over time due to various reasons like technological advancements, globalization, market demand, and government policies.
Mixed economy: A mixed economic system is an economy that allows private property ownership, but there is some government involvement.
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