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Economic System
economic-system, Economic Sectors - Coggle Diagram
Economic System
Command/Socialism
Disadvantages:Citizens disagree with the government which causes a lot of drama sometimes. Government decisions are not always made in the best interest for everyone.
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Advantages: The governments can push and use all of its resources on one goal. Like China they spend everything to push economic development.
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Decision making: Government. Government, the leaders.
Market/Capitalism
Disadvantage: Profit is all business people care about. They don't care about environment, or increase social services.
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Advantage: Price goes down when many compete with each other. Since the customers prefer a lower price.
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Mixed
Disadvantages: The government sometimes strike the wrong balance. Make the wrong decision. It may either fail to encourage business or fail to protect the people.
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Advantages: The government decides what to do to protect the environment. They make decisions to protect the environment, workers, customers. They ask for citizen rights and listen to suggestions. Some of the time.
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Economic Sectors
Primary/Resources 1
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Tertiary/Services 12
Description: Using the products/resources and selling them as product and converting it as money. Providing services.
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