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$ Economic Systems $, Economic Sectors - Coggle Diagram
$ Economic Systems $
Command
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disadvantages: Government decisions aren't always in the best interest of the citizens and tend to benefit the government more than citizens
Description: The government controls all sources of wealth. Citizens have little or no financial freedom.
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Market
Advantages: Prices are going down, different companies are lowering their prices to attract new customers
Disadvantages: These countries avoid helping the environment and increase social services. Can end up with a monopoly situation - one becomes huge and dominates the others.
Description: Producers are free to do whatever they think will make money. Consumers are also free to buy whatever they please.
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Mixed
Advantages: the government can make rules to protect the environment, workers and consumers
Disadvantages: The government sometimes makes a rule against the wrong thing and it may fail to encourage business or fail to protect the citizens
Description: individuals and citizens are able to make their own choices but the government makes some decisions to regulate businesses or improve daily life.
Decisions are made by the government, businesses, and the citizens
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Economic Sectors
Tertiary
Description: Provides services, makes consumer products
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Secondary
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Example: Metalor Refining Group (Switzerland, USA, Hong Kong, China, Singapore)
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Primary
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Example: Barrick Gold Mining (UAE, South Africa, USA)
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Quaternary
Description: Application of ideas, Application of Knowledge
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