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Economic Systems, Economic Sectors, LCBO and other liquor stores sell the…
Economic Systems
Market/Capitalism
Disadvantage
Because profit is the single driving motive for businesses, they generally avoid taking measures to protect the environment increases social services.
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Advantage
When Many businesses compete for the same market, they tend to keep prices down to attract consumers.
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Mixed
Disadvantage The government sometimes strikes the wrong balance. It may either fail to encourage business or fail to protect the people
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Advantage
The government can make regulations to protect the enviroment, workers, and consumers.
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Command/Socialism
Disadvantage
Government decisions are not always made in the best interests of the citizens. For example, during the 1990's, government mismanagement led to famine in North Korea. About 1 million people died of starvation because the government would not accept food aid from other countries.
Advantage
The government can focus all of its resources on one goal, such as China's push to increase economic development
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Economic Sectors
Secondary
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Tertiary
Description
Provides services or sells goods, transportation.
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Primary
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