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Economic Systems $, Economic Sectors - Coggle Diagram
Economic Systems $
Command
Advantage: The Government can focus on all of its resources on one goal, to increase economic development.
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Description: The Government controls all sources of wealth. Citizens have little or no financial freedom.
Market
Advantage: Businesses compete for the same market, they tend to keep prices down to get customers.
Disadvantage: They usually avoid taking measures to protect the environment or increase social services.
Description: Producers and consumers make all the economic decisions. Producers decide what goods and services to offer, and consumers are free to decide how they will spend their money.
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Mixed
Advantage: The government can make rules to protect the environment, workers, and the consumer.
Disadvantage: The government sometimes may fail to encourage business or fail to protect the people.
Description: Individuals and businesses are free to make decisions. But, the government makes some decisions as well.
Decisions are made by both individuals and businesses, and the government.
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Economic Sectors
Tertiary Sector
Description: Industry that provides services or sells goods, like restaurants.
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Secondary Sector
Description: Industry that uses natural resources to make consumer products, like construction.
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Quaternary Sector
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Description: Industry that focuses on the application of ideas and knowledge, like software development.
Primary Sector
Description: Industry that harvests natural resources from nature, like farming.
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