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Economic Systems, Rohin Kaith (Command Economy (Pros: Government can use…
Economic Systems, Rohin Kaith
Command Economy
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Description:The Government owns and controls all the resources, goods and services. It also makes all the economic decisions.
Market Economy
Pros: When businesses compete for the exact same market, they usually keep prices down to beat the competitor
Cons: Since the profit is the driving motive of business, company tend to avoid taking measures to protect the environment.
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Description: Consumers and producers make all the decisions. The Government only supplies the necessities, otherwise, they try to stay away from making decisions, hence the government having little control.
Mixed Economy
Pros: The Government can make some regulations about protecting the workers, consumer and environment.
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Description: People are free to make their own decisions, but, the Government does make some decisions to improve peoples quality of life, and to encourage and regulate businesses.
State Run Capitalism
Pros: 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
Cons: Government owns your company, no voting rights, no freedom of speech
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Description: 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
Economic Sectors
Primary:
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Secondary
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Teritiary
Description: Providing services via commercial services (grocery store, market, etc.)
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Quaternary
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Example: Research is done on facts about maple syrup, ex. how much maple syrup does Quebec produce?
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