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Economic Systems, Economic Sectors - Coggle Diagram
Economic Systems
Mixed
Advantages: The government can make regulations to protect the environment, workers and consumer.
Example Countries: Canada, France
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Description: The government makes some decisions to encourage or regulate businesses or to improve people's quality of life.
Market
Example Country: United States of America, Taiwan
Disadvantages: They generally avoid taking measures to protect the environment or increase social services
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Description: Producers decide what goods and services to offer. Consumers are free to decide how they will spend their money. The government tries not to interfere in business. Instead, it provides only services that are necessary to ensure that the economy can work effectively.
Command
Example Countries: North Korea, Cuba
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Description: Citizens have little freedom to contribute to decisions that affect their country. The government forces people to do as they are told.
Economic Sectors
Primary
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Development: These are low development countries. Niger, Sudan, Afghanistan
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Secondary
Development: These tend to be medium development countries. India, China, Vietnam
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Tertiary
Development: These tend to be in medium to highly developed countries. Canada, USA
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Quaternary
Development: These tend to be highly developed countries. Canada, USA, China
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Example: In the Health Industry there is a company called PMC researching the best ways to sanitize a phone.
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