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Economic Systems $, Economic Sectors - Coggle Diagram
Economic Systems $
Mixed
dis: taxes, sometimes when the government is trying to intervene they get it wrong.
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Decisions: business, people consumer, government
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Description: Individuals and business are free to most most decisions, but they have to follow some government rules designed to maintain equality or to protect the environment. Eliminate single use plastic, carbon tax,
Command
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disadvantages: Gov tells citizens what to do finically, even its against the people's best interest.
description: The government controls all sources of wealth. citizens have little or no financial freedom.
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Market
dis: When profit is your only motive, people get greedy, so the environment is not protected, less powerful people tend get exploited by the system. Those in positions of power and wealth , will do their best to stay.
description: Consumers and producers are most important, government does not interfere in issues of money. Profit is the main motivation in all decisions
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Economic Sectors
Primary
Description: Raw materials, natural resources
Your Example: Potato farmer, Idaho, PEI
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