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Economic Systems, Economic Sectors - Coggle Diagram
Economic Systems
Command System
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Description: The government owns all systems of generating wealth. Citizens have no economic freedom. Cuba and North Korea.
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Market System
Advantages: When many people are competing in one market, prices become cheaper and it attracts consumers.
Disadvantages: People only care about their profit and generally and don't take measures to protect the environment or to increase social services.
Description: The producers and Consumers are in control of their money. The government does not interfere.
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Mixed System
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Disadvantage: Taxes, sometimes when the government try to intervene they get it wrong.
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Who makes the decisions? Business, people, consumer government.
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Economic Sectors
Secondary: Manufacturing
Development Medium Development, India, China
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Quaternary: Ideas, Knowledge, Software, Data.
Development: High Development, U.S, Japan
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Primary: Agriculture, Natural Recourses, Raw materials
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Development: Low level of development, Niger, Afghanistan.
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