Phases of Economic Development :-
The Primary Phase : The last two centuries witnessed sea change in human social and economic activities. The primary phase of economic activities till the early mid 18th century, gave way to the secondary phase of economic development when the Industrial revolution took place.
The Secondary Phase : Along with their scars, the two world wars gave us the technology that helped human society to shift focus from primary economic activities like agriculture and handy-craft to secondary phase of automated machinery and mass production.
The Tertiary Phase:With the advent of IT and internet, a new phase of economy started to take shape, by this time economic activities evolved to its tertiary phase with services industry at the apex of new developments.
Knowledge Economy : Now we are entering the fourth phase of economic development , when the emphasis is going to shift from Services to Knowledge. The main driving force being the fact that - knowledge is more important than ever before as an input “sidelining both capital and labor”.