A countryÃ¢â¬â¢s economic system consists of the structure and processes that govern how companies and individuals conduct commercial activities. In many cases, the system determines which companies will participate and will drive how they compete, innovate and meet the needs of consumers.
For this assignment:
1. First, the text discusses three types of economic systems, name and explain them and give an example of a country for each. Have these countries always had this type of economic system? Can a country transition from one system to another? Examples?
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2. Compare and contrast how a company will react to a Centrally Planned economic system vs. a Market economic system. Discuss how it drives competition, innovation, and profitability.
3. What sectors are more likely to be owned and controlled by the government and why? What industries are owned/controlled by the government in the United States, how have they evolved over the last century?