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Economic Systems, economic sector's - Coggle Diagram
Economic Systems
Command System
Decisions: Government, Dictator
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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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Disadvantage: Sometimes the governments decisions might not be the best for the citizens living in that country
Market System
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Advantages: When two business compete in the same market they tend to keep prices down to attract more consumers
Description: In a market economy the producers and consumers make all the economic decisions. Government does not interfere in issues of money. Profit is the main motivation in all decisions
Disadvantage: Money is the only motive of business. They avoid taking measures to protect the environment or increase social services
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Mixed System
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Description: in a mixed economy, individuals and businesses are free to make decisions. However, some times the government makes decision to improve quality of life
Disadvantages: The government sometimes makes bad decisions and it harms the people of discourage the business
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economic sector's
tertiary sector
Description: sales, service's
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Example: Pandora Jewelers. They sell a variety of exquisite jewelry they also sell gold plated earrings, chains and many more.
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quaternary sector
Description: Knowledge economy, data, research, tech, software.
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Example: When the gold is sold to customers, it is reported to the IRS to be tracked and recorded. Sellers are also obligated to report any cash payments they receive. A website named Gold price is a website that tracks the price of gold per kg.
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Primary Sector
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Example: The gold is mined, there are many ways to get gold, the most common are mining and panning and swishing baskets in water to get gold bits. A company named: Newmont mine gold. this company mines the most gold than any other company on the planet. Newmont is based in Colorado.
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Secondary Sector
Description: Manufacturing, turning a raw resources into a finished product.
Level of development: Medium, China
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For example, the gold is then refined mined old are usually mixed with another element so this sector separates the gold from the other minerals. the ore is melted and gold is very easy to melt so they will separate the melted part from the unmelted par( not gold). Valcambi is the biggest company that refines gold. They have been working with Newmont for almost 15 years. After the gold is refined, they send it to metal workers to turn it into jeweraly, circuit boards and more
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