Describe the four major sectors in an economy according to the macroeconomic point of view.

According to macroeconomics, an economy is classified into the following four sectors:

1. Household Sector: This sector engaged in the consumption of goods and services. Households spend their income on payment for goods and services purchased, and payment of tax to the government.

2. Production Sector: This sector engaged in the production of goods and services. This sector makes payments for factor services to households, taxes to the government and imports of the materials.

3. Government Sector: This sector engages in activities which are related to taxation and subsidies.

4. Rest of the World Sector: This sector engaged in imports and exports. It makes payments for import of goods and services to the household.