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Economic Systems, Economic Sectors - Coggle Diagram
Economic Systems
Market/Capitalism
Disadvantages: Because profit is the single driving motive of businesses, they generally avoid taking measures to protect the environment or increase social services
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Advantages: When many businesses compete for the same market, they tend to keep prices down to attract consumers
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Command /Socialism
Disadvantages: The government sometimes strikes the wrong balance. It may either fail to encourage business or fail to protect the people
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Advantages: The government can make regulations to protect the environment, workers, and the consumer
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Mixed
Disadvantages: The government sometimes strikes the wrong balance. It may either fail to encourage business or fail to protect the people
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Advantages: The government can make regulations to protect the environment, workers, and the consumer
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Economic Sectors
Tertiary/Services
Industry that provides services or sells goods, such as accounting or retail stores
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Secondary/Manufacturing
Industry that uses natural resources to make consumer products, such as packaging for food
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The eggs get washed, cleaned and packaged by companies like "get cracking" and gets shipped
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Primary/Resources
Industry that harvests natural resources from nature, such as forestry
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