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Economic Systems, Economic Sectors - Coggle Diagram
Economic Systems
Command System
Decision: Government, Dictator
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Description: Citizen 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
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Advantages: When businesses compete, they tend to keep prices down
Description: Consumers and Producers make all decisions. Government doesn't interfere much like the United States and Taiwan
Disadvantages: Since profit is the driving motive, businesses often favor sales over the environment
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Mixed System
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Advantages: Government can make decisions to protect the environment, workers, and consumers.
Description: Citizens and businesses have freedom to make their own decisions. Government will however make some decisions to encourage businesses to improve quality of life. Canada, France
Disadvantages: Government sometimes makes bad decisions that can fail to encourage businesses or fail to protect citizens
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Economic Sectors
Tertiary Sector
Description: sales, services.
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Secondary Sector
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Description: Manufacturing, turning a raw resource into a finished product
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an example: Paper is made in "International Paper" factories in the USA from the trees West Fraser Timber Co Ltd cut down
Primary Sector
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quaternary sector
Description: Knowledge economy, data, research, tech, software.
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an example: Valmet designs and creates sustainable paper manufacturing machines for companies around the world.