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Sunday, 19 August 2018

Nature of economy

Nature of Economy
Nature and level of economy
Have you ever heard "Agricultural economy", " Rich economy" etc. Probably you may have heard or read these words somewhere. The first term " Agricultural economy" tells us about nature of an economy. It indicates the major activities performed in an economy. As on the eve of independence, agriculture was the main source of livelihood in India. Hence Indian economy was considered as" Agricultural economy". 

The second term " Rich economy" tells us about the level of an economy. If most people in an economy are rich then it will be termed as rich economy and vice versa.

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