Importance Of Economic Phase
The term economy is nothing but a behavior that a management or the governments follows to run the country. The economic activities are not small and have to handle many features like capital of the country, resources, import and export of good in and around the countries and many more. There are many phases that we can use to run the economic phase of the country.
If you haven’t handled the economic phase properly then it could affect number of sectors like stock exchange, trade market, and many more. Not only are these but there many other factors that affect the economy of the country. So list of factors are:
- History of the country.
- The use of natural resources.
- Expansion of technological rates of the country.
- Geological area of the country.
These are the major factors that need to be undertaken for having the healthy economy of the country.
As you have now understood the factors that affects the economy of the country and now it’s time to learn more about the pas and stages involved in the economical phase.
Have you ever thought who have introduced the term economy in the world? Babylonians who was the old civilization introduced the term economy. He did nothing, but just created a method from which he can keep an eye on each and every behavior happening in the world. In behavior he included terms like buying and selling of goods, the most used products and many more. This technique then started developed further in year 1700. In year 1750 a man from Scottie Adam Smith bring in definition of economy in front of the world.
Adam defined economy as the term that covers up aspects that contain things as distribution of products, transferring of products, work power, and blending of trades. This definition was gone past and the latest definition made by Kenneth Galbraith is that economy is nothing but the managing the market to get the better economy of the country. There are mainly four phase for the economy like:
- First stage which is also known as the prime stage.
- Second stage is known as Secondary stage.
- The third stage is known as Tertiary stage.
- The last stage is known as Quaternary stage.
If any of the phase collapse then all the phase will automatically get disturbed and in turn gives a bad economy. Hence it is really important to maintain all the phases because it is really important to maintain the market because it plays a very important role in managing the economy of the country.