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World Economic System by Mind Map: World Economic System
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World Economic System

Different World Economies

Market Economy System

Businesses decide what they produce.

Consumers decide what they purchase., Decide if produce worth it

Often runs into problems, Few rich, many poor, Experience economic depressions, Companies choose profit over environment.

Traditional Economy System

Decisions made personally, Most production for shared use by group of family, Subsistence farmers - family farming, Work for own needs, Extra produce sold/traded off., Mostly in developing countires, Profit not goal, Fading away

Command Economy System

Government controls everything

Military dictatorship, Military leader controls everything, Many live in poverty

Canada's Mixed Economy

Three mixed economies

Traditional and Market

Traditional and command

Market and command

Three types of industry

Primary industry, Harvest natural resources

Secondary industry, Makes commercial products from natural resouces

Tertiary industry, Provides services

Technological Change

Three stages, Commodity Economy- coal for energy, steel, Mass-Manufacturing Econmy-petroleum, Technology Economy

Canada's World Trade

Trade balance

Trade deficit- more imports than exports

Trade surplus- more exports than imports

Canadian trade alliances

Important in global trade wars