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Economic systems William Zhang (Mixed (Economic Sectors (Secondary: uses…
Economic systems William Zhang
Market
Advantages: able to get very rich, tend to keep prices cheaper to attract customers.
Disadvantage: Profit is the single driving motive, have no limit to what to do to gain profit, Able to get very poor
Description: Citizens make all the decisions. Government provides basic needs. need money to survive.
Mixed
Advantages: Government gives citizens free healthcare and other rights, and have regulations.
Disadvantages: the government sometimes will implement the wrong rights, and it is harder to get rich than in market economy.
Description: Citizens can make most decisions, government makes decisions only to citizen's benefit. can still get rich, pays taxes.
Economic Sectors
Secondary: uses natural resources to make consumer products
Produces the soup.
Tertiary: provides services or sells goods
Sells the soup in supermarkets and markets
Primary: harvests natural resources from nature
Harvests Tomatoes to make soup
Quaternary: focuses on the application of ideas and knowledge
Researching environment healthy cans to store the soup
Command
Disadvantages: No human rights, decisions not necessary in best interest for citizens.
Advantages: Government can focus on one thing, generally have better free healthcare, and salary. cannot get very poor or very rich
Description: The government owns all resources, makes all the economic decisions, Citizens have little freedom In socialism, they have equal income for all careers
State Run Capitalism.
State-run capitalism means that the government owns and operates large companies to generate profit and to make themselves very very very wealthy. The best example is China.
Advantage: Make economic improvement and growth very fast and very effective .China has improved the quality of life to over 300 million people in just 30 years
Disadvantage: Lack of rights for freedom of speech, lack of democracy.
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