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Economic Sytems - Coggle Diagram
Economic Sytems
Market/Capitalism
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Because profit is the single driving motive of businesses they avoid measures to protect the environment of increased social services
decision
Producers get to choose the services, offer, and goods they offer, consumers are free to spend there money where they like as the government doesn’t interfere. Buiseness provide only services that are neccesary to ensure the economy works safely
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When many businesses compete for the same market, they tend to keep prices down to attract consumers
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Mixed
dis
The government sometimes strikes the wrong balance. It may either fail to encourage business or fail to protect the people
decision
In a market economy, producers and consumers make all the economic decisions. Producers decide what goods and services to offer. Consumers are free to decide how they will spend their money. The government tries not to interfere in buisness.
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The government can make regulations to protect the environment workers, and the consumer
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Command/ Socialism
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decision
The government owns or controls all the resources,good,and srevices and makes all the economic decisions. Citizens have little freedom to contribute to decisions that effect their country. They force people to do
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The government can focus all of its resources on one goal, such as China's push to increase economic development.
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