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Economic Systems, Economic Sectors - Coggle Diagram
Economic Systems
Command/Socialism
Disadvantages: Government decisions are not always the best for citizens because sometimes they would do something on their advantage not the countries. For example, government mismanagement led to famine in North Korea. About 1 million people died of starvation because the government would not accept food from other countries.
Decisions: All decision made by gov, usually a dictator.
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Market/Capitialism
Disadvantages: Usually the competition is for profit and then companies don't care about the environment and economy only profits.
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Mixed
Disadvantages: The government sometimes makes the wrong decisions and it may make businesses fail to protect the people.
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Advantages: The government can make regulations to protect the environment, workers and the consumer in the country.
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Economic Sectors
Tertiany: Services or sells goods, such as accounting or retail stores
Example: Chinese supermarkets such as Centra sell rice noodles for retail also rice noodle shops like YuShang Rice Noodles sell rice noodle soups
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Quaternary: Industry that focosues on ideas, knowledge, data, and education
Example: Supermarkets such as Centra may have a loyalty card to track your purchases, and other techniques include placing the cheapest and best items in the back of the store. An example of this could be Costco's rotisserie chicken. According to many sources, Costco actually loses money on their rotisserie chicken, but they keep it at the back to lure people into all the other sections to buy additional products. This happens beacuse they tracked their customers data and make money this way
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