Difference between Economics and Economy :


  • Economics is a science that studies economic activities of individuals or entities & develops possible models for their functioning.
  • Economic Agents can be individuals, businesses, organizations, or governments. The area can be a region or a country. 
  • Economy is an area of the Production, Distribution, Trade, and Consumption of Goods and Services by different Economic Agents. 
  • Indian Economy is referred to Production, Distribution, Trade and Consumption of Goods and   Services within Indian Territory.
  • An Economy is the result of a set of processes that involves its Culture, Education, technological   Evolution, History, Social Organization as well as its Geography, Natural Resource Endowment,   Environment and Ecology.            

Sectors of Indian Economy:
Classification of Sectors of Economy
  
Primary Sector [Redcollar job]:
  • It is about Production of Raw materials. 
  • Agriculture, Mining, Fishing, Forestry, Dairy etc., are some examples of the Primary sector.
  • Goods of this sector are produced by exploiting Natural Resources. 
  • People engaged in Primary activities are called Red collar workers / Red collar Job workers
Secondary Sector [Blue collar job]:
  • It includes the industries where Finished Goods are made from raw material produced in the primary sector. 
  • Industrial production, textile, sugar, bread, automobiles, oil refinery etc., comes under this sector. 
  • In this sector natural products change into other forms through ways of manufacturing associated with industrial activity. 
  • For example: Cotton Fibre to yarn and then clothes, sugarcane is used for making sugar, and iron ore is used for making iron and steel. 
  • People engaged in secondary activities are called Blue collar workers.
Tertiary Sector / Service Sector [White collar job]
  • This sector’s activities help in the development of the primary and secondary sectors. 
  • These activities, by themselves, do not produce Goods but they are an aid or a support for the production process. 
  • Transport, storage, communication, banking, Insurance, trade are some examples of tertiary activities. 
  • These activities generate Services rather than Goods, therefore, the tertiary sector is also called the Service sector. 
  • Service sector also includes some essential services that may not directly help in the production of goods for example, teachers, doctors, and those who provide personal services such as barbers, cobblers, lawyers etc.,
  • People engaged in secondary activities are called white collar workers.