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Economic systems, Economic sectors - Coggle Diagram
Economic systems
Market/capitalism
Disadvantages - This is a disadvantage because profit is the only/main reason for business they mostly avoid taking measures to protect the environment or increase social services/Jobs
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Advantages - when multiple businesses compete for the same market they tend to bring the prices of the product lower to attract consumers to purchase more.
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Command/Socialism
Disadvantages - Government decisions are not always made in the best interests of the citizens for example during the government mismanagement left to famine in north Korea about 1 million people died of starvation because the government would not accept food aid from other countries
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Advantages - The government focusses all of its resources on one goal such as China's increase economic development
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Mixed
Advantages - The government can make regulations to protect the environment, workers and the citizens
Disadvantages - The government can sometimes strike the wrong balance it may either fail to encourage business or fail to protect the citizens/people
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Economic sectors
Primary/Resources
Description - Industry that harvests natrual resources from nature such as chicken farming - Omaya poultry farm Bradford
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Secondary/Manufacturin
Description - Industry that uses natural resources to make consumer products such as packaging for food
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Packaging raw chicken - Direct poultry does the packiging
Tertiary/Services
Description - Industry that provides services or sells goods such as accounting or retail stores/grocery stores
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Selling the packaged chicken at grocery store/TNT
Quaternary/Data and info
Description - Industry that focuses on the application of ideas and knowledge such as software development or education
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To order your groceries online you need an app and the app is Big Basket and that was designed by the company FuGenX