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Economics System, page 176 in text. HiramChen (Market/Socialism…
Economics System, page 176 in text. HiramChen
Market/Socialism
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Pros
When some of the businesses compete in the same market, they usually lowers the prices to attract consumers.
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Command/Economy
Cons
Some of the decisions made by the governments might not always made in the best interest of the citizens.
Description
In command economy the government controls all of the resources, goods, service and all the economic decisions.
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Pros
The can use all of the resources on one goal, like to increase more green in the country.
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Mixed Economy
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Cons
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For example if they focus on the business side, the environment will be polluted.
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Description
In a mixed economy, the citizens and the governments are free to make many decisions.
The government makes some decisions to encourage and regulate businesses or improve people's quality of life.
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 privately owned companies like Canada or the States The best example is China.
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Economic Sectors
Secondary Industry
Example: Making paper, book and News paper out of the wood.
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Description: After the primary industry is processed, make consumer products, like food or bag.
Tertiary Industry
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Description: Industry that provides service and sell foods, like when the supermarket uses the bag for the costumers to take the stuff they bought.
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Primary Industry
Example: Trees/wood, Forestry
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Quaternary Industry
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Description: Industry that focuses on the application of knowledge, like development or education.
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