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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