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Economic Systems, Economic Sectors - Coggle Diagram
Economic Systems
Mixed
The government sometimes doesn’t strike a good balance between protecting the environment and encouraging the economy.
The people get to choose what they buy and sell and at what price, the government gets to set regulations that businesses must follow. They may make rules to improve quality of life, protect the environment, or help businesses run smoothly.
The government can regulations to protect the environment, workers, and consumers.
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Market/Capitalism
Profit is the only goal for businesses causing them to have little care for environmental effect or to increase social services
The provider and consumer have full control but the government only does the bare minimum decisions to keep the country running
Because there are many companies competing to sell the same item, the prices are lower and it attracts more customers.
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Command/Socialism
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The government make all the decisions and control the entire economy, the people have little ability to contribute to the economy.
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To do the job you want and believe is good. All jobs pay the same so money is not a deciding factor.
Economic Sectors
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Quaternary
Example: Walmart uses the data to optimize how they organize their shelves and display merchandise. They put items commonly bought together next to each other
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Description: A Quaternary industry applies knowledge for working in software, information, and data
