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Economic Systems, Economic sectors - Coggle Diagram
Economic Systems
Command System
Decision: Government, Dictator, can't vote
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Description: Citizens in these counties have very little economic freedom. The government owns all economic resources and sources of wealth. Cuba, North Korea.
Disadvantage: Government decision are not always made in the best interest of the citizens. Sometimes people die because of their decisions.
Creative Pic:
Market System
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Advantage: Many businesses compete for the same market. The government doesn't tell you what you need to have your price at.
Description: Citizens in these countries have freedom and they can spend their money on what they want.
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Creative pic:
Mixed System
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Creative pic:
Economic sectors
Secondary sector
Description: Manufacturing, turning a raw recourse to a finish product
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Level of development: Medium, China
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Tertiary sector
Description: Sales, Services.
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Picture:
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Primary sector
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Quaternary sector
Description: knowledge, economic, data, research, tech, software.
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Example: Sequoia TreeScape tracks the amount of paper is getting sold and what kind of paper people like the most