Consider the types of economic systems: planned, market, and mixed. How are businesses that operate internationally affected by each of these three economic systems? How might this be different for a large business versus a small business?
Economic systems are organized way in which a state or nation allocates its resources and apportions goods and services in the national community. An economic system is literally defined as country’s plan for its services, goods produced, and the exact way in which its economic plan is carried out. There are three types of economic systems and that includes command economy, market economy, and mixed economy. At the center of this system is the business activities who are very much impacted by these economic set ups. It’s that the paper will scrutinize and bring into perspective how business activities are affected internationally with the types of economic systems that I’ve already stated.