Economic Systems
Command/Socialism
Market/Capitalism
Mixed
disadvantages: Because profit is the single driving motive of businesses, they generally avoid taking measures to protect the environment or increase social services
decision:Producers and consumers
advantages: When many businesses compete for the same market, they tend to keep prices down to attract consumers
example country: USA
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goal: to become the richest member
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disadvantages: Government decisions are always made in the best interests of the citizens. For example, during the 1990's, government mismanagement led to famine in North Korea. About one million died of starvation because the government would not accept food and aid from other countries
decision: the government
advantages: government can focus all of it's resources on one goal, such as China's push to increase economic
example country: Russia
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goal: To organize into an equal, and balanced social class
disadvantages: the government sometimes strikes the wrong balance. It may either fail to encourage business or to fail to protect the people
decision: individuals and businesses
advantages: The government can make regulations to protect the environment, workers and the consumer
example country: France
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goal: to have a balanced economy
Economic secotrs
primary
secondary
tertiary
quaternary
In Africa, people mine diamonds to provide for their families
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description: industry that harvests natural resources from nature, such as forestry
make rings and necklaces
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An industry that uses natural resources to make consumer products
DeBeers sells diamonds
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An industry that provides services or sells goods
DeBeers uses security cameras that are specially made to see people's expressions, even if they are wearing masks, by using eye tracker, bar code scanners, and online shopping baskets to see what style of rings people like to buy :
An industry that focuses on the application of ideas and knowledge, such as software development or education. BIG DATA