Economic System
Command
pic 
Description: the government controls all sources of wealth. Citizens have little or no financial freedom
Advantages: Government can prioritize all their efforts on a certain goal. E.g. China pushed to increase economic development
Disadvantages: Decisions that the government makes are not always in the citizens favour
Who makes the decision: government
Market
pic 
Description: Producers and consumers make all the economic decisions.
Advantages: Businesses compete against each other which tends to be better for consumers because the prices are lower
Disadvantages: Since profits are the most important to businesses, they do not tend to take measures to protect the environment and social services
Who makes the decision: Government has little control. Producers and consumers make decisions.
Mixed Economy
pic 
Description: Businesses and individuals are allowed to make many decisions although the government makes decisions to improve life quality etc,
Advantages: The government can enforce laws to protect the environment, and other things such as workers, and the consumer.
Disadvantages: the government may make mistakes by failing to protect citizens or failing to stimulate economic growth
Who makes the decision: The government does not have full control on what happens.
Economic sectors
Tertiary
Secondary:
Quaternary
Primary Sector
Description: Industries that harvest resources from nature. Some examples of this are forestry, and farmers.
Example: Potato farmer
Development: These types of jobs tend to be most dominant in low development countries.
Example: French Fries McCain
Development: These types of jobs tend to be most dominant in medium development countries.
Description: This industry provides services or sells goods. Some example of tertiary businesses are accounting, doctors, lawyers, and retail stores.
Example: Mc Donald's
Development: These jobs tend to be most dominant in high development countries.
Description: This industry focuses on software development, and education. This company has to store 100gb of information from McDonalds.
Example: TANDBERG DATA
Development: These types fo jobs tend to be most dominant in high development countries.
An industry that uses natural resources to make product. For example, food packaging would be made by the secondary industry.