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Economic Systems, page 176 in text, Aaron Wang (Command / Socialism (Cons,…
Economic Systems, page 176 in text, Aaron Wang
Command / Socialism
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Description
Government owns or controls all the resources, goods and services
Mixed
Pros
Government can protect the environment, consumers and workers.
Cons
Government can sometimes strike the wrong balance, fail to encourage business or fail to protect the people
Description
Individuals and businesses are free to make any decisions. But the government sets certain rules that individuals or businesses have to follow
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Market
Pros
When many industries compete on the same market, they tend to keep prices down for customers
Cons
Since profit is the main point in the market, measures in protecting the environment and social services is scarce
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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 in just 30 years
Cons
Lack of rights for freedom of speech, lack of democracy
Description
the government owns and operates large companies to generate profit and to make themselves very very very wealthy
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Economic Sectors
Economic Sectors
Quaternary Industry
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Industry that focuses in the application of ideas and knowledge, such as software development or education
Tertiary Industry
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Industry that provides services or sells goods, such as accounting or retail stores
Secondary Industry
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Industry that uses natural resources to make consumer products, such as packaging for food
Primary Industry
Industry that harvests natural resources from nature, such as forestry
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