Mindblown: a blog about economics.

  • Secondary sector of the economy: definition, background, examples

    Secondary sector of the economy: definition, background, examples

    The secondary sector of the economy is what most people call the industry. Its a key sector in most of the world economies and it led to important changes in society during the industrial revolution. What is the secondary sector? The secondary sector or secondary economic activity definition: it includes economic activities that create finished […]

  • Primary economic activity: definition, background, examples

    Primary economic activity: definition, background, examples

    In economics, human activities are categorized into four sectors or types of economic activities: the primary sector, secondary sector, tertiary sector, and quaternary sector. What are the primary economic activities?  Primary activities or primary industry comprise all economic activities based on the extraction or harvest of goods from the natural environment. These activities contrast with […]

  • Economic systems

    Economic systems

    What is an economic system? An economic system is a way of producing, consuming and distributing goods and services. This includes the relationships between different institutions and agents and defines the economic and social structure of a society. Components of economic systems Coordination mechanisms: they determine the use of the factors of production (labor, capital, […]

  • Economic activities in Mexico

    Economic activities in Mexico

    Mexico is the 14th largest country in the world and the third in Latin America. With a population of 130 million, it has the third largest population in America after the United States (324 million people) and Brazil (204 million people). Mexico has a nominal GDP of $1.1 trillion (2016), it’s the 15th largest economy […]