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Economic Systems - Coggle Diagram
Economic Systems
Mixed
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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 environment. workers, and the consumer
Command/Socialism
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Disadvantage
Government are not always mode on the best interests of the citizens. For example, during the 1990s. government management led to famine in North Korea. About I 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.
Market/Capitalism
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Disadvantage
Because profit is the single driving motive of businesses they generally avoid taking measures to protect environmental social services
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Advantage
When many businesses compete for the same market. they tend to keep prices down to attract consumers.
