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Economic Systems, Economic Sectors - Coggle Diagram
Economic Systems
Command
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example country: Cuba, North Korea
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Mixed
disadvantage: The government sometimes the government makes the wrong choice. It may either fail to encourage business or fail to protect the people.
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Advantages: The government can make regulations to protect the environment, workers and the consumer.
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Description: In an mixed economy, individuals and businesses are free to make any decisions.
Market
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example country: United States, Taiwan.
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Description: Producers and consumers decide how they want to make financial decisions, government tries not to interfere.
Economic Sectors
Primary
Development: These are low developed countries. Niger, Sudan, Afghanistan.
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Secondary
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Development: These tend to be medium development countries. China, India, Vietnam.
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Tertiary
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Development: These tend to be highly development countries. Australia, Sweden, Germany.
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Quaternary
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Development: These tend to be medium development countries. Iraq, Columbia, Phillipe's.
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Example: Scientists are trying to make them the ability to make a protein that kills many kinds of insects.
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