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Economic Systems, Economic Sectors, image, image - Coggle Diagram
Economic Systems
Command System
Advantages: The government chooses what gets spent and is allowed to put all the money into one thing, example China trying to increase economic development.
Disadvantages: Sometimes when the government makes decisions the people don't always like the choices because it doesn't benefit them, example: the government misused the money and it led to famine in North Korea.
Description: The government
owns all systems of generating wealth, citizens have no economic freedom. Cuba and North Korea.
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Market System
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Disadvantages: They do little about doing stuff like taking care of the environment, because there is less money.
Description: The government tries not to interfere how they use and spend their money, they are allowed the do what ever they want with there money.
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Mixed System
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Description: Businesses are allowed to make their own decisions, the government makes suggestions and decisions to help business and improve peoples life. Most countries have mixed economies. Eliminate single use plastic, increase carbon tax.
Disadvantages: Taxes, sometimes when the government is trying to intervene they get it wrong.
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Decisions: Business, People consumer, government
Economic Sectors
Secondary: Manufacturing, making a product to sell.
Development: Medium development countries, China, India, Vietnam.
Example: Making phone screens, they melt the sand, Silica in a really hot oven
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Quaternary: Ideas, knowledge, software, data, research.
Development: High developed countries, Singapore, Turkey, Japan.
Example: BestBuy looks at the internet and reviews and uses the feedback to make their phone screens more flexible and water resistant and less easy to be scratched and they make it harder to be cracked. Most of the reviews I saw said that the once they got it, the screen never had any more issues and it worked great.
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Primary: Natural Resources, Raw Materials, Agriculture
Development: Low development countries, Niger, Afghanistan
Example: Making glass for phone, Sand, Silica
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