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Economic Systems, Economic Sectors - 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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Market System
Disadvantages: Can end up with a monopoly situation - one company becomes huge and dominates the others.
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Decisions are made by producers and consumers./ supply and demand. decisions are motivated by profit
Mixed System
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description: there is economic freedom for business and consumers, but you have to follow some government regulation
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Economic Sectors
Primary: agriculture,Natural Resources, Raw Materials
Development: Low development countries, Niger, Afghanistan
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Quaternary: ideas, knowledge, software, data, research.
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The Mckinsey company : research advacned ways to use data to harveest trees more susteainbly, and better trap crbon to fight climate change
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