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Economic Systems, Economic Sectors - Coggle Diagram
Economic Systems
Market
Disadvanteages, government couldn't control the economy so it will often lead to not caring about the environment
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Advantages, When many companies ccompete in the same market, the prices will be low.
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Description, producers and consumers decide how they want to make finacial decisions, government tries not to interfere
Mixed
Advantages, the government makes regulations and rules to protect the environment, workers, and consumers, so the overall economy will be stable.
Disadvantages, sometimes the government enforce a rule that will hurt the economy, but the buisnesses will have to follow that rules.
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Description, producers and consumers are free to make decisions, but the goernment wil make some decisions to encourage and regulate businesses, or to improve the wuality of people's lives.
Consumers, producers are allowed to make choices, and the government will make rules for the market
Command
Disadvantages, Government can make choices to benefit the government and not the people
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Advantages, Government can focus on one economic goal
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Economic Sectors
Secondary
Development: These tend to be medium development countries: India, China, Vietnam.
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Teriary
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Development: These tend to be highly developed coutires: Canada, US, Norway.
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Quaternary
Description: Reserch, Data, Software
Development: These tend to be the most developed coutires, US, Britain, Sweden.
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Primary
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Development: These are low developed countries, Niger, Sudan, Afghanistan,
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