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Economic Systems, Economic Sectors - Coggle Diagram
Economic Systems
Market/Capitalism
Disadvantages
Since profit is the only thing pushing the economy forward, people don’t care about protecting the environment
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Advantages
When many businesses compete to satisfy the same market/people they usually decrease their prices.
Decision Making?
The government has little control over the economy and most if not all decisions are made by consumers and producers.
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Command/Socialism
Disadvantages
The decisions made by the government are sometimes selfish and are not made in the interest of the citizens
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Decision Making?
The government controls all of the economy and the citizens cannot object or make their own decisions.
Mixed
Disadvantages
The government sometimes doesn’t balance things well enough and either fails to encourage businesses or fails to protect the consumer/environment
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Advantages
The government can issue regulations to help protect the environment, workers, and consumers
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Economic Sectors
Quaternary
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Example Company
AppStudio develops mobile apps for companies such as restaurants to use to deliver food to your home.
Tertiary
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Example Company
Kaikaya, a restaurant in Tokyo makes cooks a seafood dishes for people to buy.
Primary
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Example Company
Maruha Nichiro is a fishing company in Japan. They harvest fish and sell it to people who prepare it for restaurants.
Secondary
Description
Industries that use natural resources to make items and products used by people in everyday
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Example Company
Clearwater Seafoods Incorporated is a Nova Scotia based fish preparation and packaging company