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Economic Systems, Economic Sectors - Coggle Diagram
Economic Systems
Command System
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decisions: Government, Dictator
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Description: Citizens in these countries have very little economic freedom, and the government owns all economic resources and sources of wealth. Cuba, North Korea
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Market System
Disadvantages: Since it is profit driven, businesses don't do a lot to protect the environment, or help with social services
Decision: Government has little control, and producers and consumers make the decisions
Advantages: To attract consumers many business keep prices down so they can compete in the same market
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Definition: All economic decisions are made by producers and consumers, with little government interference. The producers decide on goods and service to offer, while consumers freely decide how they will spend their money
Mixed System
Description: In a mixed economy people and businesses make their own decisions. However, the government makes some decisions to encourage businesses to be equal.
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Economic Sectors
Quaternary Sector
Level of Development: It is usually found in very highly developed places, with a high urbanization percentage
Example: When a lot of gold is sold the gold sales are tracked and a lot of the gold commodity stocks go up based upon who and where is selling the gold. Barrick gold also tracks how much gold comes from specific places, and ranked South Africa for the number one spot for gold mining.They also track how much what altitude they find gold, and put it into charts to find out where the most gold is found.
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Description: Knowledge, data, research, tech, software
Secondary Sector
Description: Manufacturing, turning a new resource to make a finished product
Level of Development: They are quite developed, and found in medium development countries
Example: Gold gets turned Into motherboards and jewellery in jewellery companies such as Kole Imports inc., Stuller inc., and companies like MSi, ASUS, and Intel who make all type of software and motherboards.
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Tertiary Sector
Description: sales, services
Example: Technology and jewellery being sold in the tech indusrtry, and the bling industry. Ex. Canada Computers, Best Buy, Pandora all sell products that have gold in them.
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Level of development: There is high development, it is usually in a highly urbanized country
Primary Sector
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Example: Barrick Gold mines gold in 16 different sites across 13 different countries such as south Africa
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