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Economic Systems, Economic Sectors - Coggle Diagram
Economic Systems
Command
Advantages: More Equality, Government can dedicate more recourses to one goal
Disadvantages: Government decisions are not not always in the best interest of the citizens, Less freedom.
Description: The government controls the economy. Wealth,
Materials etc are all distributed equally among all people
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Market
Advantages: More rights/freedom, Get more for working harder.
Disadvantages: Less equality, poverity.
Description: The government has little say in the economy and only gets income from the citizens through taxes. Much more freedom
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Mixed
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Disadvantages: The government sometimes strikes the wrong balance. It may either fail to encourage business or fail to protect people
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Economic Sectors
Tertiary
Example: Administration, Buisness
Description: The Tertiary Sector is part of a wide variety of things. Its mostly for things like administration and buisness.
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Development: The Tertiary Sector is a usually most evident in highly developed countries where people are well educated and well informed.
Quaternary
Example: Knowledge, Computing
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Development: The Quaternary Sector is dominant in highly developed countries where they have access to many recourses
Primary Sector
Description: The Primary Sector of the economy is the part of the economy that gets the raw materials and basic foods
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Secondary
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Development: These types of jobs tend to happen in low and high development countries some people working and very low wages to manufacture things for bigger companies
