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Economic Systems, Economic Sectors - Coggle Diagram
Economic Systems
Command System
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Description: So the government owns all systems of generating wealth. Citizens have no economic freedom. Cuba and North Korea.
Disadvantages: Government decisions is not always what is best for the citizens but for what they think is best for themselves.
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Market System
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Description: Government tries to stay out of economic decisions. All decisions are motivated by profit
Disadvantages: The environment usually suffers because of the competitive business don't think about the environment much.
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Advantages: Things are cheaper because businesses compete and they keep prices low so that they get more people to come and buy their things.
Mixed System
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Description: Individuals and businesses are free to make most decisions, however, the government regulates workers' quality of life like the minimum wage. They try to strike a balance between workers' quality of life and the economy.
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Economic Sectors
Primary: Natural Resources, Raw Materials
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Level of development: Low level development countries, Niger, Afghanistan
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Secondary: Manufacturing
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Level of development: Medium developed countries, China, India, and Vietnam
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Quaternary: Ideas, Knowledge, Software, Data, Research
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Level of development: Highly developed countries, Norway, Ireland, Germany
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