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Economic Systems, Economic Sectors - Coggle Diagram
Economic Systems
Mixed
Government has limited control
Canada
France
Most Countries
Pros
Protects private property
Allows free market
Cons
Less competitive
Government may lose balance
Too focused on economy
Too focused on environment
Market
Government has minimal control
USA
Pros
Low prices
Competitive
Cons
Profit is chief motive
Disregard for all else
Command
Government controls all resources
China
North Korea
Cuba
Pros
Can focus on one goal for long time
Can employ massive countrywide resources
Cons
If a bad ruler came onstage, people cannot change him
Government may not address the people's problems as fast
Traditional
No central government
Self-provided
Fulani
Nigeria
Chad
Saami
Northern Europe
Pros
People are able to survive individually & independently
People develop general skills sets in all forms
Jacks of all trades
Cons
Isolated
Cannot keep up with modernization
Lower quality of life
Economic Sectors
Primary
Development: Low
Examples: Mining (Glencore PLC)
Harvests natural resources
Secondary
Development: Medium
Examples: Metalworking (ISCAR Metalworking)
Manufactures consumer products
Tertiary
Development: High
Examples: Drill factories (Morath GmbH)
Provides services and sells goods
Quaternary
Development: High
Examples: Mining geologists (Sudbury Integrated Nickel Operations)
Scientific Industry; Applies ideas and knowledge
