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Economic Systems - Coggle Diagram
Economic Systems
Market/Capitalism
Disadvantage
Single driving motive of business. They generally avoid taking measures to protect the environment or increse socal services
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Command/Socialism
Disadvantage
The government is not always in the best interest of the citizens of that country. For example during the 1900's, mismanagement led to famine in North Korea.
Decision
The government owns or controls all the recourses, goods, and services, and makes all the economic decisions. Citizens have a little freedom to contribute to decisions that change their country's.
Advantage
The government can focus all of its recourses on one goal such as china's push to increase economic development.
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Mixed
Disadvantage
The government can sometimes strike the wrong balance. it may either fail to encourage business of fail to protect the people.
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Advantage
The government can make regulations to protect the environment, workers and the consumers.
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