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Economic Systems, page 176 in text, Michael Zhang (Mixed (Economic Sectors…
Economic Systems, page 176 in text, Michael Zhang
Mixed
Pros: The government could make rules to protect their environment, workers and consumers
Cons: The government sometimes strikes the wrong balance. It might fail to protect the environment and the consumers.
Description: In a mixed economy, citizens and business are free to make their own decisions. However the government could encourage business or to improve people's quality of life. The government could set rules and the business have to follow.
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Economic Sectors. Page 178 in text. First write a description of each sector, then use a product of your choice and track it through the 4 sectors. From Primary to Quaternary. Use the oil example in the book to help you
Primary: Industry that harvests natural resources from nature, suck as forestry
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Secondary: Industry that uses natural resources to make consumer products, such as packaging for food
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Tertiary: Industry that provides services for sells goods, such as accounting or retail stores
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Quaternary: Industry that focuses on the application of ideas and knowledge, such as software development or education
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Market/Capitalism
Pros: With many business competitors, they will keep the prices down to attract consumers,
Cons: Because of the freedom that the citizens have, they tend to ignore environment protection and increase social services.
Description: In a market economy, citizens make all economic decisions. Producer decide what they are going to sell and consumers choose how they are going to spend their money. The government tries not to interfere in business.
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Command/Socialism
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Description: Government has all control over all resources and all means of creating wealth. Citizens have little control over the government's control.
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