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Economic Systems, Economic Sectors, :green_cross: - Coggle Diagram
Economic Systems
Command
Disadvantages, Government can make choices to benefit the government and not the people.
Example Country's, Cuba, North Korea
Advantages, Government can focus on one economic goal.
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Who makes decisions, Government makes decisions
Description, Government controls all decisions. People have very little freedom a
Mixed
Disadvantages, Government strikes the wrong balance. Leading to discourage the business and doing a pour job protecting the citizens.
Government makes efforts to protect environments, people and the workers.
Example countries, France, Canada
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Who makes decisions, Both producers and government makes decisions.
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Market
Disadvantages, Because of the profit, the government avoids taking safety precautions to protect the environment or social services
Advantages, When multiple business compete for the same market, they keep prices down.
Example countries, United States, Taiwan.
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Description, Producers and consumers decide how they want to make economical decisions, government tries not to interfere v
Who makes decisions, producers and consumers because government does not want to intervene
Economic Sectors
Primary
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Development: These are low development countries, Niger, Sudan, Afghanistan.
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Secondary
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Development: These tend to be medium development, USA, India, Vietnam.
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Example: Cars, Trucks, SUV's, RV's.
Tertiary
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Development: These tend to be the medium to high development, USA, Canada, Germany.
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Quaternary
Description: Research, Software, Data.
Development: These tend to be the highest development, USA, Canada, China.
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Example: In the automotive industry, Volkswagen is partnering with Microsoft to create a self driving car software built into the car.
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