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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 do not have economic freedom. For example, Cuba and North Korea
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Market System
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Description: Producers and consumers make all decisions. Consumers are free to spend their money at will. Producers are the decision makers on what goods and services they should offer. Government usually doesn't interfere and helps this system. For example, USA and Taiwan.
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Mixed System
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Disadvantages: Taxes, sometimes when the government is trying to intervene wrongly.
Description: Individuals and businesses make their own decisions. Government makes a few decisions to encourage people's quality of life. For example, Canada and France.
Who makes decisions: Business, people consumer, government
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Economic Sectors
Primary: Agriculture, Natural Resources, Raw Materials.
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Quaternary: Ideas, knowledge, software, data, research.
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Examples: Gasoline pollutes the environment. Scientists are researching more eco friendly types of gasoline such as electricity (electric cars).