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Economic Systems, Economic Sectors - Coggle Diagram
Economic Systems
Command System
Decisions: Government, Dictator
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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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Market System
Decisions: Consumers, Producers, Citzens
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Description: Producers and consumers have control to make economic decisions. They all have the personal freedom to decide on how they spend their money. The government tries not to interfere with freedom still provide certain items. Like The United States and Taiwan.
Disadvantages: Due to low prices, environment or social servicers is not a factor. People will also get greedy.
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Mixed System
Decisions: Part Government, Part businesses
Advantages: Government makes regulations to protect the environment, workers, consumers
Description: Individuals and businesses are free to make decisions. The government will still make some decisions to encourage or regulate business to improve quality of life.
Disadvantages: Government may strike the wrong balance. May either fail to encourage business or fail to protect people.
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Economic Sectors
Secondary Sector
Description: Manufacturing, turning a raw resources into a finished product
Example: They take the gold and make it into rings, necklaces...
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Quaternary Sector
Description: Focuses on knowledge economy, data research, software
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example; An Australian company has found a way to mine gold using a new extracting device using fewer chemicals and more safe. The company's name is Clean Mining
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Tertiary Sector
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Example: Sales will happen in malls in jewelry stores when sold. Like Tiffany where they sell gold rings or Humbertown jewelry
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Primary Sector
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Example: Mining Gold. God is extracted as a raw material. The South Deep Gold Mine is one of the largest mines as of 2020 where they mined 157,100 oz. of gold in 2017