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Economic System, Economic sectors - Coggle Diagram
Economic System
Command
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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
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Market
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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
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Mixed Economy
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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
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Economic sectors
Tertiary
Description: This industry provides services or sells goods. Some example of tertiary businesses are accounting, doctors, lawyers, and retail stores.
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Secondary:
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An industry that uses natural resources to make product. For example, food packaging would be made by the secondary industry.
Quaternary
Description: This industry focuses on software development, and education. This company has to store 100gb of information from McDonalds.
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Primary Sector
Description: Industries that harvest resources from nature. Some examples of this are forestry, and farmers.
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