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Economic System, Mixed, Market - Coggle Diagram
Economic System
Taiwan, United states sort of, UK sort of
Supply and demand is the decision making system
Producers will create a product if they think they can make a profit and consumers will purchase it if they think the price is fair,
Primary motivation is making profit - usually not concerned with workers' rights, the environment,
Allows competition between business which tends to lower prices or increase quality.
There is a balance between supply(producer-business and demand(consumer)
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Government can make
Laws to protect the environment, workers, consumers
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Command
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One central authority, one person sometimes Kim Jong Un
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Government has programs to assist people hard financial times
Government invests back into the country's economy to create growth
In some cases government neglects citizens and there can be much poverty
Very high taxes, lots government manipulating the economy.
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