Mindblown: a blog about economics.

What type of economy does Colombia have?
What type of economy does Colombia have? The Colombian economy, with a GDP of $333 billion in 2022, is a mixed economy with elements of a free market economy and a planned economy. Many of the economic decisions in the country are made autonomously by individuals, but a central authority also influences production and distribution […]
Mexico economic system
Mexico’s economic system is based on a mixed economy. This model combines elements of the market economy and the planned economy. That is, there is a private sector composed of individuals and companies that make free decisions looking for their own interests and a public sector where the State decides how to produce and distribute […]
Economic institutions, an explanation
Over the last few years, the importance of studying economic institutions has surged, especially in the field of economic development. Economic institutions affect economic growth, poverty levels, and overall prosperity. For example, property rights influence foreign investment in the country, while patents can foster technological innovation. Economic research suggests that the quality of institutions is […]
Quaternary sector: definition, background, examples
Technology is fundamentally altering the way we live. Know as the fourth industrial revolution, it is blurring the lines between physical and digital activities. The quaternary sector is emerging and disturbing most of the major industries in every country. What is the quaternary industry or sector? The quaternary sector or quaternary industry is the economic […]
Market in economic. Types of markets systems
We often heard the word market and imagine a Persian market full of people offering all kind of products. In a sense this encompasses what the market is about, but “the market” as an economic term is more abstract and meaningful. What is the market? the market is one of the institutions, systems and social […]
Biggest agricultural producers in the world
Food moves the world. For many, together with access to clean water, food security is their main concern. This makes agriculture one of the key economic activities in the world. Agricultural production isn’t concentrated in some areas of the world. Most of the countries have important aggregate outputs in several agricultural products (Data updated in […]
Economic agents, an explanation
What are economic agents? economic agents are actors who intervene in the economy under certain rules determined by the economic system and economic institutions. They make decisions trying to resolve an optimization or choice problem. In this process, they mold the economy; for example, they decide the distribution of goods and services, taxes, laws, tariffs, […]
Goods and services
What are the goods and services? Economic or scarce goods and services are items generated through economic activities in order to meet a need or a desire. They are traded in the market and their prices are determined by supply and demand. Usually to a greater supply the price of the good decreases and to […]
What are economic activities?
What is an economic activity? Economic activities are production processes through the use of factors of production create goods and services to meet the needs of individuals in the economy. Sectors of the economy The economic activity of a country can be classified into primary sector, secondary sector, tertiary sector, and quaternary sector. Through these activities, we […]
Tertiary economic activity: definition, background, examples
The tertiary economic activity or sector is the most important in modern economies. It represents more than 60% of PIB in developed countries and employs most of the workforce of the world. What is the tertiary economic activity or sector? Tertiary sector definitions: Definition 1: the tertiary economic activity or service sector encompasses the production […]