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Economic Systems, Economic Sectors - Coggle Diagram
Economic Systems
Market/Capitalism
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Disadvantage: Profit is the major motive for any business, they generally don't pay attention to the environmental and social effects.
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Advantage: When businesses compete against each other in the same market they try to keep prices low to attract consumers.
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Command/Socialism
Disadvantage: The decision the government makes aren’t always in complete agreement with the people of the country
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Advantage: The government has a more defined idea on one goal. For example China's push to increase their economic development
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Mixed
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Disadvantage: The government can sometimes strike the wrong balance. It could make businesses fails. Or fail to protect the people
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Economic Sectors
Secondary
Example: At a Bridgestone tire plant in Aiken, South Carolina they process that rubber from the rubber tree into a tire.
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Tertiary
Example: At a Canadian Tire in Toronto, Ontario they sell those tires to consumers
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Description: Industries that provide services, goods such as accounting and retail stores
Quaternary
Example: uShip sends tires to locations, where the most tires are bought. It also shows you where your tires are at any given time during the shipping process
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Primary
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