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Economic Systems, page 176 in text, Adam Kowaltschuk (Command / Socialism,…
Economic Systems, page 176 in text, Adam Kowaltschuk
Command / Socialism
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Description: summary , point form: Government has all control over all resources and all means of creating wealth
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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. In the same system there are private owned companies like Canada or the StatesThe 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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Economic Sectors. Page 178 in text, First write a description of each sector, then use a product of your choice (Not oil) and track it through the 4 sectors. from primary to Quaternary. Use the Oil example in the book to help you.
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Sectors
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Secondary: In a factory they mix up pork chicken, spices etc to make a hot dog
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Quaternary: Some brilliant technician created a machine to blow the casing off a hot dod at more than 700 dogs a minute making more hot dogs faster