Economic systems
Command system
Market system
Mixed system
Who makes the decisions?
Advantages
Description
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Disadvantages
Citizens in these countries have very little economic freedom and the government owns all economic resources and sources of wealth. Cuba, North Korea.
Government or dictator.
Who makes the descisions?
Advantages
Description
Disadvantages
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In a market economy, producers and consumers make all of the economic decisions. Citizens are free to choose how they use and spend their money and the government tries not to interfere with the economy. Taiwan and the USA are market economies.
The government can focus all of its resources on one goal.
The government can make bad decisions and decisions that are not in the best interest if its citizens.
The citizens mostly make the economic decisions and the government does a little bit of economic decisions.
Because the government does not control companies and businesses, businesses are free to control their prices of products and their products have the potential to be cheaper.
Since most of the profit is directed to businesses, there is less focus on enviromental and social issues.
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Description
Advantages
Diadvantages
The government can make good balanced rules for the environment, workers and consumers.
Governments may make unbalanced decisions and it may fail to protect people and fail to support businesses.
People and businesses are allowed to make their own decisions but the government can still make laws to help improve quality of life and help support businesses. The government tris to create a balance between quality of life of citizens and encouraging the economy. Canada, USA, France.
Economic Sectors
Secondary sector
Tertiary sector
Quaternary sector
Primary sector
Picture
Description
Level of development
Example
Resources/ Natural Recourses
Found predominantly in low development countries
Maruha Nichiro is a seafood and meat products company based out of japan
Description
Description
Knowledge, software, economy,
Description
Sales and service.
Manufacturing, refining, processing.
Level of development
Picture
Example
The Tuna are brought to a processing plant where they are processed or are canned by Maruha Nichiro
Medium development
Level of development
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Example
Predominant in more developed countries.
The Tuna is then sold in fish markets across japan at auctions and throughout the world in grocery stores such as metro, longos, etc.
Level of development
Example
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Predominantly very high developed countries
Researchers from Green Peace tag and track tuna via satellite for conservation purposes and in order to make sure that tuna fishing is sustainable for the future