Question

What are the primary features of the World's economics system and how are the three sectors of the u.s. ecoomy linked?

Answer 1

The success of a business depends in part on the economies of the countries where it is located, and where its products are sold. A nation's economic system is a combination of its government's policies, laws, and choices to establish the systems that determine what goods and services are produced and how they are allocated. Economics is the study of how the finite resources a community uses to generate and distribute products and services. A person, a firm, or a nation has limited resources. Hence, economics is the study of choices what individuals , businesses, or nations choose from among the resources available.

Every economy is concerned with what kinds and amounts of goods and services should be produced, how and for whom they should be produced. The economy, government or both make those decisions. In the United States, the economy is guided jointly by government and the free-market system.

Businesses and other organisations, according to their home countries ' economic systems, operate. The major economic systems in the world today fall into two broad categories: free market, or capitalism; and planned economies that include communism and socialism. In fact, however, many countries are using a mixed market system that combines elements from more than one economic system. Whether government or individuals decide is the key difference between economic systems:
How to assign scarce resources to individuals and organizations, in order to better address limitless social needs
What products and services to make, and how much