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Economic Systems, Economic Sectors - Coggle Diagram
Economic Systems
Mixed:
Decision: Individuals and businesses are able to make free decisions, while the Government makes some decisions to help regulate and set some rules to follow.
Country: Canada, basically a mixed economy where people are free to do what they want but have to follow some regulations.
Advantages: The government can make regulations and economic decisions to protect workers, consumers, resources and the environment. An example could be an incentive to use renewable energy.
Goal: The government makes regulations and rules regarding the resources, goods, and services, but wants the benefit of selling the resources. Individuals and companies make the decision on how and where to extract and distribute the resource.
Disadvantages: The government sometimes makes the wrong balance between benefitting the economy and what is best for the citizens. The government can unwittingly slow down the economy.
Market/Capitalism
Decision: Producers, Sellers make decisions on what to produce and sell. Consumers make their own decisions on what products and services to buy.
Country: The United States of America has a market economy, one of the biggest in the world.
Disadvantages: Individuals and businesses may make decisions based solely on profit. This may result in damage to the environment, resources etc. Example may be they don’t use recyclable materials.
Goal: The goal of the game is to become the richest player.
The only goal is personal financial self-interest. Individuals and companies look out for only themselves.
Advantages: When many business are competing for the business, it promotes competition. This can stabilize prices and lower cost for consumers. It can also result in better services for people.
Command/Socialism
Decision: Government owns all the resources on its land, as well as goods and services. The country's economic decisions are made by the government and not it's citizens.
Advantages: Government has the ability to focus all of its resources on one goal and this can benefit the country's economy.
Goal: The government wants to have full control of resources and economic decisions, but relies on companies to extract and produce and distribute resources. Government forces people to do as they are instructed.
Disadvantages: Government decisions are not always the best and correct. Government decisions are not always in the best interest of the people.
Country: China, has a command economy, resources, goods are owned by the State, China. China is a communist state.
Economic Sectors
Quaternary
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Description: Agricultural research laboratories that study how to grow blueberries making them more resistant to disease and insect damage. For example by genetic improvements. Studying statistical data to improve what consumers value more when purchasing blueberry pies.
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Tertiary
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Description: Loblaws acts as the tertiary seller of the Old Mill Blueberry pie. Loblaws is the retail sales location for the secondary product, the manufactured blueberry pie. Loblaws provides the end service of selling the pies to the final consumer.
Secondary
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Description: The Old Mill Blueberry Pie is a secondary product of the raw material, the blueberry. The pie is manufactured or made in bakeries or Old Mill food manufacturing plants. Here the blue berries, along with other ingredients are made, packaged and distributed for sale.
Primary
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Description: The blueberry is a natural resource, the blueberry fruit grows in fields naturally or on farms. It is grown in nature using soil, water and minerals. The blueberry is the raw material that is harvested to be used in the blueberry pie.