Economic Systems

Mixed Systems

Market System

Command System

Advantages: Can focus all resources to one cause

Disadvantages: Decisions are not made in the favor or best interest of the citizens

Description: The government owns all systems of generating wealth, citizens have no economic freedom, Cuba and North Korea

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Who Makes Decisions: The government (Dictator)

Advantages: The more businesses in a market the cheaper the prices tend to be to attract customers.

Disadvantages: Since money is the thing that businesses strive for they usually don't care for the environnement and social services

Description: Unlike the command system it's the people, the producers and consumers which make all economic decisions. People are free to spend their money whenever they want and the government tries to not interfere with businesses

Who Makes Decisions: Producers and Consumers

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Disadvantage: Taxes, sometimes when the government is trying to intervene they get it wrong

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Advantage: Government can make laws to protect things like
the environment or to minimalize inequality

Description: People are free to make their own decisions, but the government may intervene to regulate businesses and financial corruption or improve others quality of life.
They try to balance the economy and quality of life

Decisions: business, people consumer, government

Economic Sectors

Secondary: Manufacturing

Tertiary: Providing Services

Quaternary: Ideas, Knowledge, Software, Data, Research

Primary: Agriculture, Natural Resources, Raw Materials

Development: Low Development countries, Niger, Afghanistan

Example: Harvesting Silicon

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Example: Smart Phones

Development: Medium Development Countries, China, India, Vietnam

Development: More on the high side of developed countries like Canada etc.

Example: Social Media Consultant

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Development: Quaternary business is really only in the most developed of countries such as Canada, U.S.A, most European countries

Example: IOS is apple's software for their smart phones

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