Please enable JavaScript.
Coggle requires JavaScript to display documents.
Economic Systems - Coggle Diagram
Economic Systems
Market/Capitalism
Decisions:
-
Producers chose what to make and sell for money. The consumers buy because they either need or want the products
-
Disadvantage:
Because profit is the single most driving motif for businesses they generally avoid taking measures to protect the environment
-
Advantage:
When many businesses compete in the same market it tends to bring the price down which is good for the consumers
-
-
Less social services (health care, less protection for workers
Pic: 
Mixed
Decisions:
In a mixed economy the individuals and businesses are free to make decisions. However, the government makes some decisions to encourage or regulate businesses or to improve peoples quality of life
-
Disadvantage:
The government sometimes strikes the wrong balance of either failing to encourage the businesses or fail to protect the people
Advantage:
The government can make regulations to protect the environment, workers, and consumers
Pic:
Command/Socialism
-
Example Country
North Korea, China and Cuba
-
-
Pic: