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Economic Systems, Economic Sectors - Coggle Diagram
Economic Systems
Market System
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Description: Government provides only mandatory services, citizens and businesses have complete freedom over financial decisions.
Mixed System
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Description: Producers and businesses are allowed to make all decisions although the government may interfere to try to increase quality and efficiency.
Command System
Advantages: The government can easily commit to a objective with good success chances. Discourages exclusion and discrimination.
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Description: The government controls all productions and services while citizens have little to no financial freedom.
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Economic Sectors
Tertiary:
Development: High. Mostly found in that are better developed because it is there for better standards of living and ease.
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Example: Restaurants sell Wagyu.
Company:Rockpool Bar & Grill Sydney AUS.
.After it is processed, Blackmore Wagyu is sold to Rockpool who cooks and sells the beef to customers.
Secondary:
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Example: Meat processing
Company: G&K O'Connor, Victoria.
G&K processes and packages Blackmore Wagyu to sell to consumers.
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Primary Sector
Example: Wagyu Cattle Breeding
Company: Blackmore Wagyu
Blackmore Wagyu is an award-winning company founded by David Blackmore that produces Australian Wagyu.
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Development: Low. Mostly in less developed countries because it does not require money nor advanced technology.
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quaternary
Description: Industry that revolves around data, knowledge and ideas like education and technology.
Example: Wagyu Beef Market Growth.
Company: Business Wire Business Wire is a Berkshire Hathaway company that did a study on the Market Growth of Wagyu Beef. One of their subjects for their research was Blackmore Wagyu. They predict that the Wagyu market will grow to $2.42B by 2023.
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