Indian Economy

Factors of productions:

1. Land

2. Labour

3. Capital

4. Organisation

Types of Economic Systems:

1. Capitalist

- market economy or Laissez-faire

2. Socialist

- planned or command economy

3. Mixed

- existence of both private and public sectors

Sectors of Economy:

1. Primary

- agriculture, forestry, fishery, animal husbandry

2. Secondary

- mineral, power, mining, manufacturing

3. Tertiary

- transport, trade, communication, banking and other services

Indicators of Economy

1. GDP

- Money value of total goods and services produced

2. GNP

- GDP + Net Factor Income from abroad