Economic Systems
Command System
Mixed system
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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Decisions: Government, Dictator.
Advantages: The government can make regulations to protect the environment workers, and the consumer.
Disadvantages: The government sometimes strikes the wrong balance. It may either fail to encourage business or fail to protect the people.
In market economy, producers and consumers make all the economic decision. Producers decide what goods and services offer.
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Decisions: Businesses and Consumers. Government.
Disadvantages: Because profit is the single driving motive of businesses, they generally avoid taking measures to protect the environment or increase social services.
Advantages: When many businesses complete for the same market, they tend to keep prices down to attract consumers.
Market System
Description: In the market economy, producers and consumers, make all the economic decisions. Producers decide what goods and services to offer. Consumers are free to decide how they will spend their money.
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Decisions: Businesses and Consumers.
Disadvantages: Because profit is the single driving motive of businesses, they generally avoid taking measures to protect the environment or increase social services.
Advantages:
Economic Sectors
Secondary Sector
Quaternary Sector
Primary Sector
Tertiary Sector
Description: Natural resources/ raw material.
Level of development: Found predominantly in low development countries.
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Description: Knowledge economy, data, research, tech, software.
Description: Sales, service.
Description: Manufacturing, turning a raw resource into a finished product.
Level of development: Really high.
Level of development: Medium, China.
Example: People manually mine gold! The gold is being mined in one of the top 3 places.
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Example: Gold being made into a chain. There are many people that make gold into chains but the most popular one is Icebox who just so happen to sell it as well.
Level of development: High.
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Example: Gold being sold. Ice box which is the same company that makes gold into chains and they usually but diamonds and then they sell it. Fun fact: Icebox has had hundreds and hundreds of well known rappers shop here.
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Example: Drones, and smart censors for faster detection of gold. Robots and automatic miners meaning you use less people and can go for longer and go to areas that are more difficult for humans to go. This improves the speed of finding gold and the difficulty will decrease because the robots can access it.
South Deep gold mine, South Africa.
Grasberg gold mine, Indonesia.
Olimpiada gold mine, Russia.