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Economic Systems, Economic Sectors - Coggle Diagram
Economic Systems
Command (Socialism)
Governments, under this system, have full control, with the citizens having no control over any economic decision making
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Governments have no responsibility to appeal to their citizens. Also, a government will never fully know all the needs/wants of its citizens
The government can achieve its personal goals with ease and efficiency due to the fact that the government has full control over all financial and political aspects
To organize all citizens into an equal, and balanced social class
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Market (Capitalism)
There are practically no social benefits ensuring a safe and comfortable retirement. There are also no government safeguards protecting citizens from endless debt
Better products will be produced to entice consumers. The competition will also result in lower prices. These effects will create better consumer satisfaction
The consumer has full control over the economy, with the government providing minimal control over its economy, done only to keep the country running
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Mixed
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Both, citizens have the freedom to individually purchase a product while government has some control over the products sold. Rules and regulations are set for the market to promote environmental awareness and economic growth while protecting their citizens
Citizens still retain the ability to freely purchase products. Governments are responsible for protecting members of its nation from unethical corporations and other financial dangers
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To give the individual purchasing choice, while also providing basic social services at the expense of certain personal freedoms
Economic Sectors
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Tertiary Industry
Airplanes are purchased by airlines, governments, and private citizens such as American Airlines and the American government
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Quaternary Industry
Information is extracted from airplanes by in-built sensors and is used to increase reliability and safety in aeroplanes, improve airport efficiency, and to maximise profits for airline companies.
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