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Economic Systems, Economic Sectors - Coggle Diagram
Economic Systems
Command (Socialism)
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Decision making
Citizens have little freedom to contribute to decisions that affect the country. The government has full control.
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Market (Capitalism)
Disadvantages
Profit is the single driving motive businesses making them avoid taking measures to protect the environment or increase social services.
Decision making
Consumers decide how to spend their money. The government doesn't interfere in businesses but they provide services that are only necessary to ensure that the economy can work effectively. The government has little control.
Advantages
When businesses compete for the same market, they keep prices down to attract consumers.
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