Economic Systems

Command Economy/Socialism

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The citizens have no say in what happens and it is them that gets effected by the economic system.

The economic system will be better because the Government puts most of its focus on the economic system. The founding father of the command systems was Karl Marx. He believed that any person should have the right to own their labour and no one should be able to own private property and that the government (the state) should own all sources of income and profit.






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Market System/Capitalism

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The government can put all there focus into the economic system

When many businesses compete for the same market, they will keep the prices down to attract consumers

since they focus so much on the economic system, they lack in environmental protection.

Producers and consumers make all economic decisions. Produce decide what goods/services they will offer. Consumers can spend their money however they would like. The government might provide things like National Defence, but not own and run industries.

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Mixed System

The government can make regulations to protect the environment, workers, and the consumers.

The government sometimes strikes the wrong balance. It may either fail to protect the people

Individuals and businesses are free to make many decisions. However, the government also makes some decisions to encourage or regulate businesses or to improve quality of life.

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ECONOMIC SECTORS

Secondary: They use the resources from the farms to create it into packaging for the food.

Primary: This is the farming industry, they get all there resources from nature. image

Quaternary: This industry is focused on knowledge and research like software development or education.

Tertiary: This is the market that sells all these products in accounting or retail stores.

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