Please enable JavaScript.
Coggle requires JavaScript to display documents.
Economic Systems, Economic Sectors, : - Coggle Diagram
Economic Systems
Command
Advantages, Government can focus on one economic goal.
Disadvantages, The Government can make choices to benefit the government and not the people.
-
-
-
Definition: is an economy in which production, investment, prices, and incomes are determined centrally by a government.
Mix
Disadvantages: They tend to make the wrong choice. It can either fail to encourage business or fail to protect the people.
-
Advantages: The government can make choices to protect the environment, workers and consumers
Decisions: Individuals and businesses, and the government makes some as well.
Description: An Economy where businesses and consumers can make their decisions, but the government makes some.
-
Market
-
Advantages, When businesses compete for the same market, they tend to attract for consumers.
-
Disadvantages, They don't protect the environment or increase social services.
-
Description: Producers and Consumers decide how they want to make financial decisions, government tries not to interfere.
Economic Sectors
Primary
-
Development: Low developed countries. Niger, Sudan, Afghanistan
-
-
-
-
Quarternary
Example: Genetically modified crops. Monsanto is the world's largest seed company and is the market leader in selling genetically-modified seeds.
Description: Software development, Research, Data
Development: Pretty low for all countries but more developed countries has a higher percent than low and medium.
-
-
-
