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Economic Systems $, Economic Sectors - Coggle Diagram
Economic Systems $
Market System
Advantages: When many businesses compete for the same market, they tend to keep prices down to attract customers.
Disadvantages: Because profit is the single driving motive of businesses, they generally avoid taking measures to protect the environment or increase social services
Description: In the marketing system the producers and consumers make the rules. Which mans the producers decide hoe they want to run their business, and the consumers decided how to pend their money. The Government tries to interfere as little as possible.
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Command System
Advantages: The government can focus all of its resources on one goal, such as China's push to increase economic development.
Disadvantages: Government decisions are not always made in the bets interests of the citizens. The Government is greedy and only do things for themselves.
Descriptions: The government controls all sorts of wealth. Citizens have little or no financial freedom
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Mixed
Disadvantages: The Government sometimes strikes the wrong balance. It may either fail to encourage the businesses or protect the people.
Decisions: In a mixed economy, individuals sand businesses are free to make decisions as they would like.
Advantages: The Government can make regulations to protect the environment, worker, and consumer.
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Economic Sectors
Primary Sector
Description: Primary sectors are the industries that that produce and harvest natural resources such as mining.
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Tertiary Sector
Description: The tertiary sector are the jobs that sell the products that the secondary sector gives them.
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Development: These jobs tend to be most successful in the more developed countries like Canada and the USA.
Secondary Sector
Description: Secondary sectors are the industries that use the natural resources to manufacture the consumer products. Such as gold manufactures.
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Development: These jobs tend to thrive the most in the countries that are in the middle of development.
Quaternary Sector
Description: This industry focuses on the application of ideas and knowledge, such as software development and education.
Examples: Dell, McAfee, and AVG are all companies who make the software for Dell's laptops. In this case, Dell actually makes their own software, as well as other companies.
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Development: These jobs tend to be in short supply now a days. But, in about 40 years, these jobs will be the most practiced jobs in the world.
