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Economics Systems, Economic Sectors - Coggle Diagram
Economics Systems
Market
The Market economic system is where the citizens of the city have control over the goods and services
The disadvantages of the market system is that work can be much worse than the command system as why as environmental problems
The advantages of the market system is that people have their own choice about the money and it creates innovation
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Command
Command economic system is where the government has control over the whole economy and the goods and services
The disadvantages of the command system is there is no efficiency in the place and there is no competition which makes people have nothing to work hard for.
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Mixed
Mixed economic system is a combination of both where it lets the citizens control the money as well as the government if they need to.
The disadvantages combine from both disadvantages from the market and the command system and can make it bad, however some pros from the market system might defeat the cons from the command system so it gets rid of the bad bad cons and only leaves the okay cons
The advantages of the mixed system is they get both the pros from the market system and the command system and combine them which makes this economy system the best
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Economic Sectors
Secondary
Description: The secondary industry uses the resources that were gathered from the primary jobs and turn them into products that are going to be selled
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Tertiary
Description: The tertiary industry takes the products that are made by the secondary industry and sells them to people like a store
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Quaternary
Description: The quaternary industry use the products that are sold and do research on them to make it easier to find and make and sell or do something like making software like Tesla and how they have the auto drive software
Example: Chen Lihui has been researching how to make paper from bamboo because it is more renewable and it grows faster so we don't have to use trees
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Development: These types of jobs are most commonly found in high to very high development countries like the USA and Canada
