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Economic Systems, Economic Sectors - Coggle Diagram
Economic Systems
Market
Description: Producer and consumers decide how they want to make financial decisions, government tries not to interfere.
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Disadvantage: Profit is the motive so sometimes people get greedy, and so there may be lack of protection of the governerment.
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Command
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Who makes economic decisions? Government, dictator
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Economic Sectors
Tertiary
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Quaternary
Example: Advertise home online to share knowledge to potential buyers about price, description, taxes and land size.
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Development Japan, China, South Korea, US and Germany are the countries leading in technology expertise.
Secondary
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Development: Materials used depend on which country they are building in. Countries that have access to forestry tend to build from wood.
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Primary
Development: Russia, Brazil, Canada, US and China are leaders in the forestry industry
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