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Economic Systems, Economic Sectors - Coggle Diagram
Economic Systems
Command/Socialism
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Decisions
All decision made by government, usually a dictator
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Market/Capitalism
Disadvantages
Only motive is profit, companies do not care about the environment or social services
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Mixed
Disadvantages
Government may make the wrong choice, they can fail to encourage businesses or fail to protect citizens
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Advantages
Government can make decisions that protect environment, workers, and consumers
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Goal
FOr the government to regulate buisnesses but still give majority of the choice to the sellers/consumers
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