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Economic System - Coggle Diagram
Economic System
Market/Capitalism
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Decisions
Producers decide what goods and services to offer. Consumers decide freely on how they will spend their money.
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Mixed
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Advantages
Government can make changes and regulations to protect the environment, workers, and consumers.
Disadvantages
The government sometimes strikes the wrong balance and fails to encourage businesses or protect the people.
Decisions
The individual businesses makes their decisions with the government making some changes to encourage or regulate business or to improve people's qualities of life.
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Command
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Advantages
There is a social safety net to catch you $$$ if things go bad.
So if the government has a specific goal, they can use tax money to get it done quick.
Tries to create economic equality.
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