The government sector is one of four economic sectors in addition to the household sector, the business sector, and the external sector. Unlike business, the government sector is not profit-oriented but rather provides
Economic Sector
External Sector: Its Effect on the Economy
What's it: The external sector refers to economic actors located outside the country. They include foreign households, foreign businesses, and foreign governments. They interact with the domestic economy through international trade. They buy
Household Sector: Definition and Role in the Economy
What's it: The household sector includes individuals or groups of individuals. A household may consist of one or several people who live in the same household and share food. They may include one family or another group of people. On the one
Four Business Organizations in the Private Sector You Need to Know
The four business organizations in the private sector are sole proprietorships, partnerships, private limited companies, and public limited companies. They also have different advantages and disadvantages. Businesses in the private sector operate
What are the Factors Causing Deindustrialization
Factors causing deindustrialization occurred due to higher manufacturing productivity, pushing prices and job absorption to continue to fall. The change in the economic structure from a manufacturing-based to a service-based basis has become a
What Are The Impacts of Deindustrialization?
Deindustrialization brings both positive and negative impacts. First, it could reflect an increase in living standards, so consumers spend more dollars on services. Then, the reduced reduction in environmental degradation is an example of its
What is the Difference Between Private Sector and Public Sector
Ownership and motives in providing goods and services are the main differences between the private sectors and public sector. Yet, both play a vital role under mixed economies, the economic systems most countries adopt today. What is a mixed
4 Types of Business Sector You Need to Know
The business sector is divided into four types: primary, secondary, tertiary, and quaternary. Each consists of many businesses, ranging from small businesses to large businesses. And, in each sector, we can see the many industries in which the
What Are the Positive and Negative Effects of Industrialization?
Industrialization brings both positive and negative effects. During industrialization, the manufacturing sector enjoyed a rapid increase in output. It also creates more jobs and income in the economy as it increases the value-added of primary sector