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Economic Systems, Economic Sectors - Coggle Diagram
Economic Systems
Mixed Systems
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
Market System
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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
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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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Economic Sectors
Secondary: Manufacturing
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Development: Medium Development Countries, China, India, Vietnam
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Quaternary: Ideas, Knowledge, Software, Data, Research
Development: Quaternary business is really only in the most developed of countries such as Canada, U.S.A, most European countries
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Primary: Agriculture, Natural Resources, Raw Materials
Development: Low Development countries, Niger, Afghanistan
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