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- SHOULD I MAJOR IN BUSINESS OR ECONOMICS HOW TO
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In other countries, such as Russia, the movement has been characterized by false starts and backsliding. Sometimes, as was the case of the former East Germany, the transition to capitalism was painful but fairly quick. In recent years, more countries have shifted toward free-market economic systems and away from planned economies. Private-sector management similar to capitalism. Significant government planning and regulation. Little or no flexibility in decision-making at the factory level.
SHOULD I MAJOR IN BUSINESS OR ECONOMICS PROFESSIONAL
Limited incentives in the public sector.Įach enterprise is managed by owners or professional managers with little government interference.Ĭentralized management by the government bureaucracy. Private-sector incentives are the same as capitalism. Private-sector incentives are the same as capitalism, and public-sector incentives are the same as in a planned economy. No incentive to work hard or produce quality products. Strong incentive to work and innovate because profits are retained by owners. Some markets, such as nuclear energy and the post office, are controlled or highly regulated. State enterprises are managed by bureaucrats. Some markets are controlled, and some are free. The private sector is typically largeĬomplete freedom of trade. Private ownership of land and businesses but government control of some enterprises. Very high taxation as government redistributes income from successful private businesses and entrepreneurs.
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The Basic Economic Systems of the Worldīusinesses are privately owned with minimal government ownership or interference.īasic industries such as railroads and utilities are owned by government. (Figure) summarizes key factors of the world’s economic systems. Companies that do business internationally may discover that they must make changes in production and selling methods to accommodate the economic system of other countries. Managers must understand and adapt to the economic system or systems in which they operate.
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Today the world’s major economic systems fall into two broad categories: free market, or capitalism and planned economies, which include communism and socialism. Every day, many news stories deal with economic matters: a union wins wage increases at General Motors, the Federal Reserve Board lowers interest rates, Wall Street has a record day, the president proposes a cut in income taxes, consumer spending rises as the economy grows, or retail prices are on the rise, to mention just a few examples.īusinesses and other organizations operate according to the economic systems of their home countries. You probably know more about economics than you realize. In the United States, the government and the free-market system together guide the economy. These decisions are made by the marketplace, the government, or both. Every economy is concerned with what types and amounts of goods and services should be produced, how they should be produced, and for whom. Hence, economics is the study of choices-what people, firms, or nations choose from among the available resources. The resources of a person, a firm, or a nation are limited.
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Economics is the study of how a society uses scarce resources to produce and distribute goods and services. A nation’s economic system is the combination of policies, laws, and choices made by its government to establish the systems that determine what goods and services are produced and how they are allocated. economy linked?Ī business’s success depends in part on the economic systems of the countries where it is located and where its sells its products. What are the primary features of the world’s economic systems, and how are the three sectors of the U.S.Understanding Economic Systems and Business 4 How Business and Economics Work