economic systems
command systems
market systems
mixed system
who makes the decisions: in the command system the government makes all the decision
advantages: the government can focus all of its resources on one goal, such as china's push t increase economic development
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disadvantages: the government decisions are not always made in the best interests of the citizens.
DESCRIPTION: citizens in these countries have very little economic freedom. the government owns all economic resources and sources of wealth. Cuba, North Korea etc ...
disadvantages : because profit id the single driving motive of businesses.
advantages: when many businesses complete for the same market the tend to keep prices low to attract new consumers
who makes the decisions: the economy has a lot of control when it comes to the market economy
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description: in the market economy, producers and consumers make all the economic decisions. producers decide what goods and services to offer
advantages: the government can make regulations to protect the environment
disadvantages: the government sometimes strikes the wrong balance.
who makes the decisions: the government makes some but the economy make most of them.
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description: in a mixed economy, individuals and businesses are free to make many decisions. However, the government makes some decisions to encourage or regulate businesses or to improve people's quality of life
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primary industry
quintenary industry
tertiary industry
description: natural resources/ raw materials
level of development found predominately in low development countries.
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example: mining gold :Yamana Gold
level of development: more developed
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level of development : more developed
example: microsoft keeps track of there stock
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description: this focuses on the idea of knowledge and software development.
secondary industry
example: yamana gold send the gold to a software company and the company makes a circuit board for a computer: Microsoft
level of development: medium
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description: natural resources to make consumers products
description: sales, service
example: then Microsoft sends the laptop to there store and then the Microsoft store sells it: Microsoft store
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