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Economic Systems, Economic Sectors - Coggle Diagram
Economic Systems
Mixed system
Disavantges: Taxes, sometimes when the government is trying to intervene they get it wrong.
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Description: People are free to make their own financial decisions. Even though they have a lot of power as to what they can and can't do, the govenrment does tax people a lot more and the government emphasizes equality.
Who makes decisions: Business, people consumer, government
Command system
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Disadvantages: People may think that this is fair however it is not since people get paid the sane amount and they aren't aloud to make money on the side. Because of this many people end up in poverty.
Advantages: Everyone receives the same amount of money for the different jobs that they do. This is technically economic equality.
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: Some disadvantages include very high taxes. If you are making a lot of money chances are that you're gonna pay more for taxes. This is why the taxes are so high in Canada.
Advantages: For many people who arent so rich and need help the government can provide them with monthly payments to help them get back on track. People also have economic freedom so almost anyone can start a business without the government shutting it down.
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Description: The government doesnt own everything and peple are aloud to make their own money. This is a mix of capitalism and socialism. Some countries that have this system include Canada and France.
Economic Sectors
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Secondary: Manufacturing
Development: Medium development countries, China, India and Vietnam
Example: Cars or other vehicles. An example would be Tesla. They are creating electric vehicles in order to advance our technology in a good way. Tesla is enterding an industry that was essentially created by them. Tesla is one of the biggest reasons why the electric cars industry is so large.
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Quatermary: Ideas, knowledge , software, date, research
Development: There arent any set quaternary countries however there are certain countries with people working in these sectors.
Example: Ai such as robots and analytical companies that are tryig to improve everyday things with data. Apple is an example of a company that is part of the secondary, tertiary and quaternary industry. They are part of the quaternary industry because they are the ones who develop their ios software.
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Primary: Natural Resources, Raw materials
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Example: Farming is one of the largest things in this specific industry. The reason this is because is it very cheap and it is good for the long term. There arent any specific examples of any farming companies however there are certain things that they farm. In Niger the largest crops are those of rice. In Afghanistan they also farm rice but also a lot of opium.
Development: Low development countries, Niger, Afgahnistan,
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