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Economic Systems $, Economic Sectors - Coggle Diagram
Economic Systems $
Command
Advantages: The entire country can all be focused around one goal, which can be really good, if the goal is not to nuke another country.
Disadvantages: The government can become corrupt and stop focusing on their citizens, and instead on personal gains.
Desciption: The government controls all sources of wealth. Citizens have little or no financial freedom.
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Market
Advantages: Many different items are available to buy so many people have lots of freedom to enjoy what they like. You can do very well if you find a well paying job that you enjoy.
Disadvantages: Things are usually not done in the interest for the betterment of humanity, but instead in the interest of personal gains. Morals < Profit. Big businesses can kill small businesses by selling low when there is competition and selling high when no competition.
Description: The producers choose what t produce and the consumers choose what to consume. Any one can become extremely rich or extremely poor. The government only supplies what is necessary to keep the economy running
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picture taken on black friday
Mixed
Advantages: Government can regulate businesses, removing dangerous business practices that could hurt the consumers and workers.
Disadvantages: If the government is confused or unaware, it is possible that the workers and the consumers could be hurt, either by failure of protection or bad regulations.
Many decisions are made by the economy, but rules and regulations are enforced and made by the government. This allows consumers and workers to be protected from dangerous business practices.
Some decisions are made by the government, But most are made by the economy
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Economic Sectors
Tertiary Sector
Selling and working for consumers for money. This can range from working at McNonalds or being a doctor.
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These types of jobs begin to appear after the secondary sector starts moving to other places and the population is high.
Secondary Sector
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These types of jobs tend to appear in countries switching from a low development to a higher development
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Quaternary Sector
Selling and production of data, such as coding or data collection for advertisments.
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Theses jobs appear with higher education and more wealth flowing to the general population. These are quite uncommon jobs
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