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Economic Systems, Economic Sectors - Coggle Diagram
Economic Systems
Market/Capitalism
Disadvantage: Without government control, monopolies might form and they might over exploit the environment
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Advantage: There is competition between companies to make better product, and costumers can benefit from it.
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Goal: The goal of the game is to become the richest player. The only goal is personal financial self-interest
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Mixed
Disadvantage: The government might release wrong policies and fail to encourage business or protect people
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Advantage: Can avoid the disadvantage of capitalism and socialism.
There is a free market, but government can make regulation to protect the environment and people, and can prevent monopolies to form.
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Goal: Find a balance between capitalism and socialism, to have a free market, but government protect the market with regulations.
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Economic Sectors
Secondary
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Tertiary
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Quaternary
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Example: A company named AIRAG use big data to analyze the local weather to provide advices about planting methods, planting time, harvest time.
Description: Focus on application of ideas and knowledge. Data, software development, coding, BIG DATA.
Primary
Example: In DongBei province in China, a lot of people grow rice.
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