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Economic Systems, Economic Sectors - Coggle Diagram
Economic Systems
Command System
Decisions: government, dictator
Advantages: The government can focus all of its attention and resources to one goal, like China's push to increase economic development.
Description: Citizens in these countries have very little economic freedom. The government owns all economic resources and sources of wealth. Cuba, North Korea
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Disadvantages: Mismanagement can lead to famine in certain places and the government does not provide the food that they must provide to the citizens resulting in large amounts of casualties
Market System
Decisions: Consumers, Producers, Citizens.
Advantages: When some businesses compete for the same produce, they will keep prices down to attract consumers.
Description: Producers and consumers make all the economic decisions. Consumers are free to spend their own money and Producers can sell the products they want. The government provides the necessary services to make sure that the economy can work well.
Disadvantages: Profit is the most single driving motive of businesses, they will avoid taking measures to protect the environment or increase social services.
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Mixed System
Decisions: Individuals and businesses are free to decide what to do. Government makes some decisions.
Advantages: The government can make regulations to protect the environment, the workers, and the consumers.
Description: The government strives to improve the peoples quality of life. The government may set regulations, or rules, that businesses must follow. The government tries to strike a balance between protecting quality of life and encouraging the economy, without slowing it down.
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Economic Sectors
Quaternary Sector
Description: Knowledge economy, data, research, tech, software.
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Example: Leprino foods took around 65 years to perfect the mozzarella cheese and pizza cheese. It also took them 50 years to be on the top of all the other companies
Primary Sector
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Example: Farming cows or harvesting the cows milk. These jobs are usually more common in lower developed countries.
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Secondary Sector
Description, Manufacturing, turning a raw resource from the primary sector into a finished product.
Level of Development: Medium, China
Example: Cheesemongerers bring in all the milk from the primary sector and make their cheese. Leprino foods produces cheese.
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Tertiary Sector
Description: Sales, service,
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Example: The sellers such as supermarkets will bring in the new cheese and sell it. Walmart is a good example.
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