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Economic systems - Coggle Diagram
Economic systems
Market
Advantages
Low prices, prices will be cheaper for consumers because this system allows for competition between businesses.
Disadvantages
Market economy's only provide very basic services: Defense, Infrastructure, Police.
They don’t protect the environment, Profit is the major motivator.
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Command
Advantages.
They can use all there profit and everything on one goal. There is a social safety net if things go south.
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Disadvantage
Government decisions are not always good for the people. The Government has control of almost everything.
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Mixed
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Advantages?
The government can take measures to protect things. Businesses are free to make many decision's but governments can encourage them to do things.
Disadvantages?
The government sometimes makes the wrong choices. They might make a rule to protect people that might not work.
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