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Economic Systems by Beckett Fullerton (mixed Economy (economic sectors…
Economic Systems by Beckett Fullerton
market Economy
description in a market economy, producers and consumers make all the economic decision. Producers decide what goods and service to offer. consumers are free to decide how they will spend their money. The government tries not to interfere in businesses. Instead, it provides only the services that are necessary.
Pros When many businesses compete for the same market, they tend to keep prices down to attacked consumers.
cons Because of profit the single driving motive of businesses, they generally avoid taking measures to protect the environment or increase social services.
mixed Economy
pros: the government can make regulations to protect the environment, workers, and the consumer.
description: in mixed economy, individuals and businesses are free to make many decisions. However, the government makes some decisions to encourage or regulate businesses to improve people's quality of life.
cons: the government sometimes strikes the wrong balance. It may either fail to encourage business or fail to protect the people.
economic sectors
Secondary
make petrol
Tertiary
going to cars
Primary
oil and gas
Quaternary
ruins the earth
Command economy
cons: profit is single driving motive of businesses, they generally avoid taking measures to protect the environment or increases social service.
in a market economy, producers and consumers make all the economic decisions. producers decide what goods and service to offer. Consumers are free to decide how they will spend their money. the government tries not to intervene in businesses
pros: when many businesses complete for the same market, they tend to keep prices down to attract consumers
pro make economic improvement and growth vary v
pro make economic improvement and growth vary fast and very effective. China has improved the quality of life for other people .
con lack of rights for freedom of speech, lack of democracy.
state run capitalism
