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Economic Systems, Economic Sectors - Coggle Diagram
Economic Systems
Command/Socialism
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Disadvantage: The decisions made by the government are not always made in the best interests of the citizens. For example, the government of north Korea would not accept food aid from other countries, and that resulted in a famine and killed over 1 million people.
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Mixed
Disadvantage: Sometimes, the government strikers the wrong balances. It can fail to protect people or may to fail to encourage business.
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Advantage: The government makes regulations to protect the worker, environment, and the consumer.
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Market/Capitalism
Disadvantage: Since profit is the driving motive of businesses, they usually avoid taking measures to protect the environment or increase social services.
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Advantage: When many businesses compete for the same market, usually the prices will be lower to attract customers.
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Goal: The goal of the game is to become the richest player. The only goal is personal financial self interest. Adam smith is known as the father of the capitalism.
Economic Sectors
Tertiary
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Quaternary
Example: Volkswagen uses data to track their sales. They are also making self driving cars, by using data. The cars collect data, so that they can drive by themselve.
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Primary
Example: Teck Recourses. This company mines coal. It then gives the coal to companies that make steel.
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Secondary
Example: ArcelorMittal. This company produces steel. They use the coal from Teck, and they smelt the coal to power steel mills. They get rolled steel, which then can be made into cars.
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