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Economic Systems, Economic Sectors - Coggle Diagram
Economic Systems
Command
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Description: The government controls all resources, goods, and services, and make all economic decisions. Citizens have very little freedom to contribute to decisions that happen to their country.
Mixed
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In a mixed economy, people and businesses are free to make many decisions. However, the government makes some decisions to encourage or regulate businesses or to improve everyone's quality of life.
Market
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Cons: Because profit is what every business wants, they generally avoid taking decent measures to ensure that they are protecting certain things like the environment.
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Pros: When businesses compete in the same market prices tend to stay down and attract customers at the same time.
Description: An economic system in which production and prices are determined by unrestricted competition between privately owned businesses.
Economic Sectors
Tertiary
Description: An industry that provides service or sells goods, such as the NBA.
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Quaternary
Description: An industry that focuses on the application of ideas and knowledge, such as software development.
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Secondary
Description: An industry that uses natural resources to make consumer products, such as making basketballs.
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Primary
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