Economic Systems
Command System
Market System
Mixed System
Decisions: Government, Dictator
Advantages: Government focus on resources on one goal
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: All decisions are not always made in the citizens interests.
Decisions: Consumers, Producers, Citzens
Advantages: Businesses compete for same market. Keeping prices down attracting consumers.
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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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
Quaternary Sector
Tertiary Sector
Primary Sector
Level of Development: Found predominately in low developed countries
Description: Manufacturing, turning a raw resources into a finished product
Description: Sells goods in a retail store
Description: Focuses on knowledge economy, data research, software
Description: Harvest natural resources/Raw materials/Iron Ore/Oil
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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
Example: They take the gold and make it into rings, necklaces...
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Level of Development: Found highest in middle developed countries
Level of development: Highest developed countries
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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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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Level of development: Towards the more developed but not the highest.