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Economic $ystem$, Economic Sectors - Coggle Diagram
Economic $ystem$
Market System
Decisions are made by consumers, suppliers, and producers.
Advantages: Prices go down, because different company's are lowering their prices to attract new customers.
Description: Producers are free to make what they feel can make money, and consumers are free to buy what they need.
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Mixed System
Disadvantages: Sometimes the government can't make it equal, whether it is failing with the businesses or the people.
Description: People are free to make their own decisions but the government makes some regulations as well.
Advantages:The government can make regulations to help protect many things, including the environment, workers, and consumer.
Decisions are made by both the government, business, and the consumers. People can make their own decisions, but the government still makes rules of their own.
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Command System
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Description: The government controls all sources of wealth, citizens have little or no financial freedom
Disadvantages: Citizens don't have much of a choice. The decisions that the government makes, aren't based upon the interests of its citizens.
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Economic Sectors
Secondary Sector
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Development: These jobs are typically in the middle on the dominant list. So countries like China, Brazil, Indonesia, and Vietnam.
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Tertiary Sector
Development: All countries have some level of market. Higher developed countries tend to have more shops and services.
Example: Michael Hill jeweler sells gold in stores. They take things that a company like Joshua Resources makes. Then Michael Hill sells the goods.
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Quaternary Sector:
Development: Is only in highest developed countries like Canada, and Sweden.
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Primary Sector
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Example: Gold Mining. Newmont corporation mines gold all over the world in countries like Peru, Ghana, Suriname, Argentina
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