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Economic Systems, By Jack Bulmer (Market System (Picture (image), Pros:…
Economic Systems, By Jack Bulmer
Market System
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Describe
-Producers and consumers make all economic decisions. -People are free to decide what they want to spend their money on. -Government tries not to interfere in businesses instead they provide only necessary to ensure that the economic can work effectively.
Mixed System
Description
In a mixed economy people are allowed to make their own decisions. However, the government does make some decisions to improve the quality of life. For example, make rules that businesses must follow and/or people to follow.
Pros
The government can make rules to protect the environment, workers, and consumers.
Cons
The government can make rules that decline the economy making it harder for citizens to make money and have a good life.
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Command System
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Description
-Government controls everything
-Citizens have little freedom
-Citizens can't make political decisions
-Government controls the citizens what to do
-Examples China, Cuba, and North Korea
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State Run Capitalism. What is 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 best example is China.
Picture: 
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Advantage: Makes economic improvement very fast and very effective China has improved the quality of life for over 300 million people in just 30 years.
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Primary Description:
Secondary System
Industry that uses natural resources to make consumer products, such as packaging for food.
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Tertiary industry
Industry that provides services or sells goods, such as accounting or retail stores
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Quaternary industry
Industry that focuses on the application of ideas and knowledge, such as software development or education.
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Industry that harvests natural resources from nature, such as forestry.
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