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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
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Description: Producers and consumers are allowed to do what ever with their money. The government lets the people do what they want with their money.
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Mixed System
Advantages: Government can make laws to protect things like the environment or to minimize inequality.
Disadvantages: Taxes, sometimes when the government is trying to intervene they get it wrong
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Who makes the Decisions: Businesses, consumer, government.
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Economic Sectors
Primary: Natural Resources, Raw Materials
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Level of Development: Low development, Niger,
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Secondary: Manufacturing,
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Level of Development: Medium development countries, China, India.
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Quaternary: Ideas, knowledge, software, data, research.
Example: There is many diamond found under beds of water and they know this because they have data about where they find diamonds.
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