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Economic Systems, Economic sectors - Coggle Diagram
Economic Systems
Mixed System
Advantages: The government can make the necessary regulations to protect the environment, workers, and the consumer.
Disadvantages: The Government sometimes strikes the wrong balance. It may fail to encourage business or fail to protect the people.
Description: Individuals and Businesses in a mixed economy are free to make decisions, however, the government makes certain decisions to encourage or regulate businesses or to improve people's quality of life
Who makes decisions: Governemnt, People(Consumer), Businesses
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Market System
Advantages: Producers lower their prices to attract customers when many businesses are competing for the same market
Disadvantages: A disadvantage is that the businesses only care about making profit and dont care about the enivronment
Description: Producer and consumers make all of the economic decisions. Producers get to decide what the goods and services they have to offer. Consumers are able to decide how they want to spend their money.
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Command System
Advantages: An advantage of the Comand system is that the government has the ability to focus all of its resources to one goal. For example China's push to increase economic development
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Disadvantages: A disadvantage is that the government may not always make the best decision for the people
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Description: The government owns all systems of generating wealth, citizens have no economic freedom, Cuba and North Korea.
Economic sectors
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Secondary: Manufacturing,
Development: Tends to be medium development countries, China, India, Vietnam
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Quaternary: Ideas, knowledge, software, data, research.
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Primary: Natural Resources, Raw Materials, Agriculture
Development: Low development countries, Niger Afghanistan
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