Understanding Economic Systems - Overview & Traditional

What three ways can understanding the different economic systems in the world help your business?

If you want to establish a business in a market you should know what about the economic system?

What is an economic system?

Economic systems are built on what four fundamental functions?

Why are economic systems important for business owners?

A heavily regulated economy can limit what?

What are the four types of economic systems?

What dictates supply in traditional and command economies.

In contrast, the amount of products produced is based on consumer demand in what type of economies?

What does a traditional economic system primarily rely on?

• Digital technology

• Global trade

• Industrial manufacturing

• Agriculture and hunting