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Economic Systems, Economic Sectors - Coggle Diagram
Economic Systems
Market/Capitalisim
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Decisions: People have all control over their financial situation, and a lot less taxes to pay.
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Goal: All consumers make all of the economic systems in a market economy. The government only provides services to make sure the economy can work effectively.
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Command/Socialisim
Disadvantages: Government decisions aren't in the best interest of citizens and more for their military or country.
Decisions: People have no control over their financial situation, and have to pay their income to the government
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Goal: Government controls all resources, goods and economics
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Mixed
Disadvantages: Governments sometimes strikes the wrong balance, which causes business to become less motivated to sell their products and protect the people.
Decisions: You have say in your economic decisions, but the government also has more control than a market economy as there are higher taxes and has more regulations
Advantages: The government can make their own decisions to protect the environment, workers and consumers.
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Goal: Businesses and individuals are free to make most of their economic decisions, but the government regulates and encourages people to help improve the quality of life in the country.
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