Economic Systems, page 176-177
Market System/ capitalism
Command System/ socialism
Mixed System
Description: The goal of a command economic system is to be economically equal. That means all people should have the same income, everyone has a job, There are no poor people. The government runs the economy, they have full control and they create their own economic plan. All the prices, people's income, and even investments are controlled. people are forced to do what they were told, they don't really have any freedom. Basically, the government makes all the decisions. A good example is the USSR. Before the dissolution of the Soviet Union, they used to own over 80% of the business and over 75% of the bank.
Pros: Everyone can focus on one economical goal. So people can accomplish it quickly than usual.
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Pros: People can basically buy whatever they want. Businesses can decide what they want to produce and who are the consumers. And because of that, more jobs are needed. So millions of job opportunities were provided.
Cons: People will do anything for money. Lots of businesses dump waste into the river/ocean nearby just because they want to save more money. There are 5.25 trillion pieces of plastic debris in the ocean. Oil spills that killed millions of marine animals happened multiple times in the last century. And it's really hard to provide all citizens with their basic needs. In January 2018, 552,830 people were counted as homeless in the United States. That's 0.17% of their total population. And the city with the highest homeless rate in the country is New York. The heart of the united states from an economic perspective.
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Description: The complete opposite of the command economy. In this system, their's no equality, the system doesn't work without the huge gap between the rich and the poor. In a market system, people and businesses can make their own decisions. The consumers decided what they need and the businesses ran. But those that can't keep up will fail. The government doesn't control the economy. The supply and demand rule is used in this economic system. A good example of a country that follows a market economy system, is the United States. Which is called the country with the most freedom. The exchange for goods is following the rule of supply and demand.
Pros: The government can protect the environment by establishing new laws. And both the consumer and producer are protected by the government. You can get support from the government when needed.
Cons: The government decides the amount of tax you pay each year. And lots of people are complaining about high taxes. Another disadvantage is that if the government provides more/less freedom. The citizens will complain. Strikes often happen in a country with a mixed system
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Description: In a mixed economy, producers and consumers can make their own decisions. The government is still in charge but they only make up the laws that are necessary. On some occasions, this sort of law can have a huge impact on protecting the environment. The government also gives support to all the citizens to improve their quality of life. An example is: In Canada, the government will give you support if you lose your job, so you can stay as financially stable as possible when finding your new job.
Cons: The government doesn't always make the right decision. Another disadvantage is the lack of importation. A good example is Cuba. They were embargoed by the U.S in 1960. That caused a lack of importation. Nowadays, you can see lots of old cars if you go on the streets of Havana. That's because new cars are too expensive. A used Hyundai Accent from 2011 can be purchased for 51,500 USD
Sectors of an Economy
Tertiary
Primary
Secondary
Quaternary
Describe: Industry that have harvests natural resources from nature, such as forestry
Example: Logging companies cut down the trees.
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Industry that uses natural resources to make consumer products, such as a packaging for food
Construction companies uses woods to build buildings, houses.
Industry that provides services or sells goods, such as accounting or retail stores .
People spend their money in buildings like malls, banks.
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Industry that focuses on the application of ideas and knowledge, such as software development or education
People are trying to use less wood to build houses so they can protect the environment, they develop software to prevent forest pollution.
