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Economic System, Economic Sectors - Coggle Diagram
Economic System
Command/Socialism
Disadvantages: Sometimes the governments make bad decisions not taking into consideration of the wellbeing of their citizens
Decisions: all decisions made by gov, usually a dictator
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Goal: Everyone is equal even if your job is harder than another everyone is paid the same so not one person has all the money but its distributed equally among the citizens
Market/Capitalism
Disadvantages: Because all businesses care about is making money they usually don’t care about the environment or increasing social services.
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Goal: No equality they want one person to have all the money nothing to help you if you loose all your money
Mixed
Disadvantages:Sometimes when the government makes a decision it may help businesses but hurt the people or the other way around
Decisions: Some of the decisions are made from the government and some are made from the businesses and individuals
Advantages: The government is able to make rules to protect the environment and the wellbeing of their citizens
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Goal: A mix between Command and Market. It is meant to be equal but if you work hard and make the right decisions you can still accumulate lots of money. If you loose all your money and are almost broke the government will step in and help you.
Economic Sectors
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Quaternary: Industry that focuses on application, software development and education like coding
Example: Ikea uses Point-of-sale (POS) to keep track of what is sold and how much inventory is coming in. using this system they can predict the amount of sales for the next couple of days ordering in the things they need more of. Ikea Partnered with Wincor Nixdorf for (POS) infrastructure
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