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Economic Systems - Coggle Diagram
Economic Systems
Mixed
Disadvantages
The government sometimes strikes the wrong balance. It either fails to encourage business or is fails to protect the people.
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Advantages
The government can make regulations to protect the environment, workers, and consumers.
Example country
United Kingdom, Australia
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Market/ Capitalism
Disadvantages
Because profit is the single driving motive of business, they generally avoid taking measures to protect the environment or increase social services.
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Advantages
When many businesses compete for the same market, they tend to keep prices down to attract customers
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