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Economic Systems, Mixed, Economic Sectors - Coggle Diagram
Economic Systems
Market
Advantages- Open compettion keeps prices down, a lot of individual freedom, easy to start you own business,, lower cost of goods (lower prices)..
Disadvantages- Making a profit is the sole goal of business and government so the environment and social services like healthcare, education, suffer.
Description: The United States, and Taiwan and Japan are all examples of market economies. Here the government does not own industry. Consumers and businesses are free to make their own choices. People can buy and sell without government stopping them. Government may provide roads, fire protection and defense. . ...
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Decisions**-- There is little government control.The government has control of public goods such as laws, water quality, defence, police.The market economy is decided by buyers and sellers.
Command system
Description- Government controls or owns all the resources and goods and services Citizens cannot make decisions., they must do as the government tells them. Cuba,China, Korea are all Command Economies
Advantages-The government can make a goal like China to be world dominant power. Everybody is supposed to be equal, with no rich and no poor. There is equal distribution and community ownership of goods.
Everybody contributes and everybody only takes what they can consume
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Disadvantages Government decisions are not in the best interests of it's people. For example in disasters like drought, causing famine, they can refuse outside help from other countries..
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Traditional
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Disadvantages- Lower quality of life, poor healthcare. poor education
DescriptionSeen in small isolated communities like the Inuit of Canada or Saami in Norway seen in picture.
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Mixed
Combination of Free Market and Government Intervention
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Description Individuals and businesses are free to make and run their business but the government sets regulations to protect and improve the quality of life. Canada and France have mixed economies. For example University in France is funded by the government.The most inclusive and successful countries are Norway, Switzerland,.
Advantages The government has rules that are to protect the workers pay and rights. It can help protect the environment. The people who are less fortunate can still benefit from society like in healthcare and equal pay, hours, etc..
DisadvantagesIt can be less successful than a market ecomomy. It can have higher prices of goods and production costs as government has rules guaranteeing workers' pay, etc. Taxes are higher to pay for services.
Decisions-There is some government control. Both the market and the government decide which goods and services should be produced.
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Economic Sectors
Tertiary Industry
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Description: Industries that provides goods and services to the public.. They are services or businesses that are done for the consumer.. They can be run by government or private businesses. Some like education can be owned by both.
Examples: Hairdressers, retail stores, banks, cinemas are all examples of this sector. .selling the diamonds at a store or company and business promoting
Development: This sector has grown and employed increasingly more people over time in more developed countries.
Primary Industry
Description: Industries that harvest natural resources from nature, such as forestry..
Example: Farming, Fishing, coal mining forestry and logging, oil extraction, diamond mining
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Development: these types of jobs tend to be most dominants in low development countries . In the past developed countries, like Canada , most people worked in forming.
Quaternary Industry
Description: Industries that are involved in Information Technology, and Research and Development. . They are called knowledge based industries. industries that provide us with information, communication, research in science.
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Examples: Computer planning, biotechnology, posting online adds about the diamond and selling online and shipping the diamonds to you physically and you get a virtual view of your product
Development: In this industry of research and development of new ideas was the least developed overtime in all countries and is of late (now) beginning to show growth in employment rates and development in more developed countries .These industries employ highly skilled people.
Secondary: Industry
Development:: Over time the more developed countries employed a lot of people in these industries. The employment rates have dropped in this economic sector ( e.g., manufacturing industry)
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Examples: creating the diamond ring in a lab or a factory car manufacturers, food production or building companies.
Description: heavy manufacturing , light manufacturing , food processing, oil refining and energy production. industry that uses natural resources to make consumer products, such as packaging for food
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