Economic Systems in the World | International Business

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Economic Systems in the World | International Business | From A Business Professor

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Күн бұрын

Generally, a society’s economic system answers three fundamental questions: What do we produce, how do we produce it, and who receives it?
By definition, an economic system is a means by which societies or governments organize and distribute available resources, services, and goods across a geographic region or country. Economic systems regulate factors of production, including land, capital, labor, and physical resources.
It encompasses many institutions, agencies, entities, decision-making processes, and patterns of consumption that comprise the economic structure of a given community.
We can identify three general types of economic systems in the world: these are market economy, command economy, and mixed economy.

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@ryandaugherty1116 2 ай бұрын

I really love these videos because they don't just summarize the Textbook very well but also add additional information that I otherwise was confused when reading the chapter. One example was why the US bought AIG during the 2008 financial crisis. The Textbook failed to explain the importance of AIG but Thanks to this video, I was able to learn that it was a major Multinational finance and insurance corporation. I feel that this was a significant piece of information that the textbook should have mentioned.

@KelciMcCarty 24 күн бұрын

This video explains more in debt about the economic systems in the world. This video explains the advantages and disadvantages of the systems rather than just giving a definition. The examples given really helped me to understand the different economies market, command, and mixed. I did not realize they could be both.

@ethanhunter5229 Ай бұрын

In economics these topics are covered on a surface level, this video adds depth and reinforces those same topics leading to a better understanding of what I learned in that class.

@lucastool4242 Ай бұрын

Exploring the diverse economic systems worldwide was fascinating, especially discovering that many countries adopt hybrid models rather than strictly adhering to one type. Learning about the various economic systems, their unique characteristics, and the pros and cons associated with each market was enlightening. Understanding the rationale behind each system's structure and its impact on shaping different economies was particularly insightful.

@cameroncate5087 26 күн бұрын

I found this video to be extremely interesting. From being a marketing major and taking different economics classes, I have briefly learned about the different market systems. This video went into much greater detail than I have had before and explained the differences very well. During the summary, I found it interesting to learn that economic systems and political ideologies are closely connected. The follow-up to that statement was very well explained and helped me understand why. I now understand that a mixed economic system is the most popular but I also now realize that because of how different every single nation is, there is never going to be a "better" option!

@brepelaia2599 Ай бұрын

This video on the top 10 most valuable companies in the world was fascinating and highly educational. It was intriguing to see the diverse industries these companies come from and how they've achieved such remarkable valuations. The breakdown of each company's history, growth strategies, and current market position provided a comprehensive understanding of what drives their success. This video has inspired me to learn more about the business strategies and innovations that propel these companies to the top.

@karinaesparza3249 Ай бұрын

I found it interesting to learn about the three different economic economies in the world: market, command, and mixed. It was a topic I was not too educated on before watching this video, so I am glad that I now am more in the know when it comes to the economy and its different systems. I also found it interesting that many economies are a blend of different economies rather than adhering to just one.

@llandenwhelchel3987 2 жыл бұрын

I very much like this video. It really helps me understand the primary three society economic systems. This video explains all the advantages of market economy, command economy, and mixed economy. This shows what kind of business is most profitable in each economy in today's world.

@xxchristinenguyenxx Ай бұрын

This video is insightful, touches the important areas regarding economic systems, and provides the pros and cons of each system. As I was watching the video, I can tell that it alludes a mixed economy as there are advantages and disadvantages to market and command economies. Having a mixed economy meets the best of both worlds and one can take advantage of the good parts each economic system offers.

@brahhdy425 3 жыл бұрын

Just like the political systems in the world, this video was a very clear and easy understanding of different economies around the world. Very nice way of looking at pros and cons to each system, and the advantages vs. disadvantages to each different system.

@MatthewMekalip Жыл бұрын

I enjoyed learning about the different types of economic systems around the world and how most are a mix of different economic systems and not strictly one. I enjoyed learning about the different types of economic systems and the advantages and disadvantages that each market has. Understanding the structure of each system and why it's like that helps each different economy structure itself accordingly.

@cameronlangan7912 2 жыл бұрын

This video was very informative, as it helped teach about economic systems worldwide. It mentioned details about three main questions relating to economics: what to produce, how to, and who to provide to or sell to. The video explained the pros and cons of a market economy, command economy, and a mixed economy while providing examples of companies and ideas that relate to these types of systems and global economic systems.

@priyapatel3795 Жыл бұрын

I find it interesting how every country have a different type of economy and how they apply it to their people. Being able to understand the meaning of each economy puts into perspective that some people do not have the same opportunities that other countries may have due to their economy. I believe this video gives very good information on how to tell which country is in what economy and how it applies.

@averyfarr2280 Жыл бұрын

After watching this video, I now have a better grasp of the various economic systems thanks to this film, which provided useful insight into them. Understanding the benefits and drawbacks of each economic system is useful.

@crystalgail2110 8 күн бұрын

it was interesting to learn about the advantage and disadvantages of the economic systems. I also like how this video explains the difference between the economic systems. The way everything was explained made it very easy to understand.

@alexbrown4215 Жыл бұрын

Although I have heard of these systems before, this video taught me the disadvantages and advantages of implementing each one. This video did a great job providing me with new information in a fun way!

@justinlloyd9689 Жыл бұрын

The market economy is way better but learning from this video is also something that has helped me with a better operation of my business at a young age.

@ptb19bramlett 2 жыл бұрын

I find it extremely interesting that most economies are not just command or market economies, but most economies are a mix of both, hence the term mixed economy. This video is very informational when learning about the different economic systems around the world. Learning the advantages and the disadvantages of each is knowledgeable.

@elliefish2074 8 ай бұрын

I was always very interested in economics when I took the class, and I loved getting a refresher on all of this great information. While I knew about the different economies from my previous classes, I really liked how this video explained the intricacies of how they work in our society. I like the idea of a market economy, as it gives the people more control of what they are consuming versus the government having full control. In a perfect world, I think this would be a good option, but I know that with our society a depression would most likely happen if this were to come back into play in America.

@eduardoa7787 Жыл бұрын

With different types of economies ranging within the world it is interesting to see how economic systems and political ideologies are closely connected. This connection shows the vast differences with each of its advantages and disadvantages.

@dylanblomquist5177 Жыл бұрын

This video was very helpful to understand the the advantages and the disadvantages of the economic systems mentioned in this video. The definitions in the video made it easier to process what the economic systems were and allowed me to better understand what they actually mean when it comes to how a country produces things and where they send their products.

@shamarcravens9668 Жыл бұрын

This is an intriguing video. I always saw economic systems in two ways. The two major economic systems in modern societies are capitalism and socialism. In practice, most communities have economies that mix elements of both systems but lean toward one end of the capitalism-socialism continuum. Social democracies combine aspects of both capitalism and socialism.

@marshahenderson4480 2 жыл бұрын

I am definitely a supporter of a market economy. I believe in the power of the market to adjust supply and demand as needed and businesses to respond accordingly. I did find it interesting to see the different levels of "mixed economies" that the nations of the world are currently using. I have often thought of how blessed I am to be a citizen of the United States and the discussion of the different economic systems has reinforced my opinion. I believe that the most robust economies are those that are on the end of the scale that leans toward a market economy.

@kaylap32 Жыл бұрын

I knew that there were the command economy, mixed economy, and market economy. However, I never really understand them to be honest. Seeing the advantages and disadvantages also really helped to be able to understand the different economic systems. It helped me understand, also, how many countries use the mixed economy and why.

@freddymartinez3015 2 жыл бұрын

I find it extremely interesting that most economies are a mix of both command and market economies, hence the term mixed economy. This video is extremely useful for learning about the various economic systems around the world. Knowing the benefits and drawbacks of each is knowledgeable.

@Amelia_Strout 9 ай бұрын

This was insightful and helpful for me to understand this part of international business. Economic was always something I was interested in learning and want to learn more of so watching this video gave me more information and excitement in learning the subject. Learning the different economy system in the world has shaped and better understand how international business works. Knowing the economy around the world makes us better understand how to do the business internationally.

@0graham 8 ай бұрын

This video was super helpful for this class. Economics covers a wide scale in the business world and breaking down the Pro's and Con's of the Economic Systems in the world. Mixed economy's and limitations was very helpful.

@eli89216 Жыл бұрын

Its nice to know that the economy is not just black and white but instead a gray area most of the time since a economy is never fully command or market. It is always a mixture of them both.

@lindsey4179 Жыл бұрын

I appreciated how this video explains the advantages and disadvantages of global economic systems.

@garrettrogers7742 Жыл бұрын

Super interesting to think about how certain economic systems can benefit certain countries. There is not one economic system that is best for every country or every culture, there are just positives and negatives to each.

@user-ph9oq1dn2y Ай бұрын

I found the limitations listed in the video beneficial. It is important to understand the limits within economies.

@jasmineortiz2334 2 жыл бұрын

I enjoyed watching this video Because it speaks about the 3 different types of economies. The examples make it easy to understand the cause and effects for each type of economy, and the pros and cons. I learned more about the command economy and how it is ran as a monopoly There’s no competition.

@maddieedge7544 Жыл бұрын

This video taught me so much about the different economic systems and gave me a better understanding of them. It has always helped me realize the advantages and disadvantages of this topic. When I first heard of this topic, I did not know much about it but after I finished the video it taught me so much and I loved learning about this.

@channahclayton9041 2 жыл бұрын

This video was very interesting. Going in depth with the different economics systems, it really makes you look at the world in a different. It open your eyes. Money does make the world go around.

@josephmonthie5345 2 жыл бұрын

While I thought myself pretty well-informed on the subject of economic systems, I wasn't as aware on the impact specific traits have on important business structures. For example, I wasn't sure about how negative externalities can negatively affect a market economy, but now I know. Thank you.

@nickniebur9753 Жыл бұрын

This video was very helpful in understanding how different country's economies can be in different parts of the world.

@morgan.2000 8 ай бұрын

I enjoyed getting learn about the different economic systems along with the advantages and disadvantages. It is interesting getting to learn about how the countries are different.

@garrettwilliamson3806 Жыл бұрын

I'm glad it was pointed out that there is no best economic system. We hear all the time people arguing about what economic system works best but it is truly dependent on the values of the people within that economy. Some economic systems work better in some places while poorly in another.

@coltonndb 2 жыл бұрын

Simply knowing the definitions of the systems is not as good as also knowing both the advantages and disadvantages of the systems to go along with the definitions, and this video provided both! It's extremely helpful to know why these work or don't work wherever they're tried. While most people seem to prefer a market economy since that is prevalent in the countries we most frequently interact with, it was also cool to see how a mixed or even command economy could be beneficial given the right situations arising. Cool video!

@johncarterlewis6404 Жыл бұрын

This video has beneficial to me with different economic sides to a business. I enjoyed hearing about the advantages and disadvantages of each and what makes companies run more smooth. Nice video.

@michaelplatt4353 2 жыл бұрын

This video was very informative on the different types of economic systems.There are way more economies than i thought!

@sanchia6853 Жыл бұрын

This video taught me about the major economic systems in the world -- market, command, and mixed economies. Demand and supply are major factors in the business world, and contributes to the growth of the company. Despite the many benefits, all economic systems has disadvantages, also displayed in the video. This video was quite informative.

@stephenogueri3184 8 ай бұрын

This video did an amazing job showing the advantages and disadvantages of the different types of economies.I am from The United States which is why I have always thought of mixed economies but I never really paid attention to the disadvantages until now.This video not only taught me definitions but also helped me truly think nabout all of them and the way they are implemented in different socities.

@jacobwaggoner110 3 жыл бұрын

Really in depth look into the different economic systems of the world

@jenniferrodriguez9835 8 ай бұрын

Super informative and educational video. Each system was different from the others and yet some still have some similarities. It's honestly great to see the variation in economic systems from many different countries. Now I understand how each system works and how some countries have blended some systems together to create a new system.

@JoseLopezDelRio Жыл бұрын

I did find this video interesting because of the fact that it really did highlight the differences in the types of economies around the world. It was speciallu interesting since I have lived in two difference countires (the US and Mexico) and even if they are both Mixed-Economies, they are "mixed" very differently and I can see the diffferences more clearly after this video. Getting to experience the differences in systems really shows that they can definitely influence a countrie's way of doing commerece and their developmennt in certain industries.

@mrodriguez3 Жыл бұрын

I like how the video went into detail about pros and cons on the market, command and mixed economies. Seeing how each of these economies can affect how a business starts is very helpful to someone who might want to start a business soon.

@workingjane9454 2 жыл бұрын

This video was very interesting. It was very informative on the different types of economic systems. As well as the different ways that it can affect the economy and the businesses around us!

@tabithaparker4150 Жыл бұрын

I really enjoyed this video and learning about the different economic systems and how each of them affect and are related to the business world. It was really interesting to see the reason why or why not a country might choose a specific economic system.

@thegoldenscam5098 2 жыл бұрын

This is a fantastic video about economies and has truly helped me see the advantages and disadvantages of certain world economies which will help me a lot in my future as a finance major

@ericahernandez4496 3 жыл бұрын

I really enjoy this video because I am able to learn more about the market economy, limitations, mixed economies. This video is very informative about the advantage and disadvantages of the economic system.

@cameronsaenz9136 3 жыл бұрын

The information about the different economic systems used around the world was very interesting to me and also helped me clear up some questions about certain economies that other countries around the world used such as China.

@osvaldobarbosa9508 Жыл бұрын

I like how the video advantage vs disadvantages of all the different economies in the world. I personally lean more towards to a market economy. Very informative video.

@ridgevaughn 9 ай бұрын

Exploring the various global economic systems, I found it fascinating that many are a blend of different economic models rather than strictly adhering to one. Delving into the intricacies of each economic system and delving into the respective advantages and disadvantages was particularly enriching. Comprehending the underlying structures of these systems and the reasons behind their configurations contributes significantly to understanding how diverse economies organize themselves.

@gisellerico2520 2 жыл бұрын

This video helped me understand why the most common form of economic system is Mixed economy. It is kind of hard for a country to really choose one type when all three economic systems provide good benefits. With the given examples I was also able to see how the different economic systems work form the perspective of other countries. Over all this video is very helpful for anyone who maybe having trouble distinguishing the three just like I was.

@JuiceTradess Жыл бұрын

I enjoyed watching this video, I was able to learn which countries have a command economy and which countries have mixed economies.

@dakotahwalsworth3991 3 жыл бұрын

Very informational and helped me learn a lot about the different economic systems used around the world.

@ruichending5978 Ай бұрын

This video is very helpful and it is highly connect to the Politcal system video, they both help me to understand the concepts.

@kelanmckay2019 Жыл бұрын

Although I've known about each of these systems, I am not sure I've ever learned how impactful they can be if implemented correctly or in a right situation. This video gives a great summary of what each system does and the advantages and disadvantages of each.

@seancastner9072 2 жыл бұрын

It is interesting to see how many different economic systems actually exist in the world. The U.S. is very capitalistic and market economy based, but it's interesting to see how different countries economic approaches compare to the United States.

@ryanmccarley8082 11 ай бұрын

For me, it's always a pleasure to learn more about economics since it's my favorite subject. Originally, I only knew the details of the market economy since that is how the United States leans. Now I know more about command economies, mixed economies, and the pros and cons of both. Being able to look at the whole picture is great since it allows people to be unbiased in their preferences. Great video!

@AustinRandall-jb1lq 2 ай бұрын

I enjoyed learning about the limits of the command economy because I think that its realistic to understand that profit is a motivator for companies. While yes most of them need regulation a rather more free market should be able to exist to incentivize more innovation.

@Austin_McCoo 2 жыл бұрын

This was a very informative video teaching about the Major economic systems throughout the world. After watching this video I can fully explain the difference between Market Economy, Command Economy, and Mixed Economy. As well as how a free market works and is structured.

@elvaestrada6 2 жыл бұрын

I thoroughly enjoyed learning about the well detailed economic system explanation

@kahlilgaleon4240 2 жыл бұрын

It's interesting to know that there isn't a single country that has a complete market economy, but a lot of autocratic and totalitarian regimes usually operate with a strict command economy. As we go down the spectrum, countries with democratic values run mixed economies. It's also helpful to have the chart at 11:08 to describe what major differences command economies and market economies have because a country's economic systems usually dictate how they run their government (politics).

@brandicain5448 8 ай бұрын

Understanding only the system definitions is not as beneficial as understanding the benefits and drawbacks of the systems as well, which this video offered. Knowing the benefits and drawbacks of every economic system is incredibly beneficial.

@brooklyndyer984 3 жыл бұрын

I feel that economic systems are very important in our world today. This video did a wonderful job at explaining the facts and importance of economic systems.

@carolineivey568 3 жыл бұрын

I learned a lot in this video specifically about the disadvantages of a market economy. It was nice to have monopolies and negative externalities explained simply, in a way I could understand. It made everything click for me.

@AZIZADEL 3 жыл бұрын

Loved the video! I learned so much information about the economic systems in the world.

@jovanymntro 3 жыл бұрын

This video was both very helpful and engaging to watch. This video helped me realize that not all economies are ran the same and not all economies are able to adapt to the same economy.

@justinharrington1171 3 жыл бұрын

The take on red tape within a market economy is a good look at how even our government can control the way a business conducts itself or if it can even open to begin with. Lots of places have to find a fine balance without being to strict but also ensuring businesses are up to code.

@ariellegilligan3587 8 ай бұрын

I found this video super fascinating as it went it went into detail about each economic system. I loved how you provided an example of each system as well as the pros and cons of them as well. Until this video I didn’t realize there was so many negatives when using a mixed economy.

@thehalloweenvibe 2 жыл бұрын

I understand what you are talking about regarding the market economy; you are right about more choices. Many friends that I know have tried to create their products and sell them using Esty and other websites. Many of them have figured out that when creating your product and having it made overseas. Your item can easily be copied and sold for a lesser price. It is amazing how many items are out there how many different types of things are out there for buyers waiting for the next new thing.

@elizabethtorres144 Жыл бұрын

This video was super informative! It was quite interesting to learn about the disadvantages and advantages of the economic system.

@brandiwilliams1243 3 жыл бұрын

This is a very helpful video! I took a lot away from it. I did not know there were so many pros and cons that came with different markets.

@williams.4980 2 жыл бұрын

I found this video to be very helpful in a lot of different ways. The video is well structured and clear when explaining the key main points. Each form of government is broken down into advantages and disadvantages, making it easy to follow along while taking writing down notes. Each economy is broken down into simple terms making it easy to stay engaged.

@TheBoys_FC 2 жыл бұрын

Mind opening video learning the different economic systems in place around the world!

@jonaswestbrook9898 2 жыл бұрын

Although I prefer a market economy, it is still interesting to learn about the others. Seeing how other countries operate is fascinating. The scale you used to show where other countries lean towards was a great visual reference too.

@katekozsuch9451 Жыл бұрын

This video is extremely interesting! Understanding the differences in a command economy, market economy, and a mixed economy is very important when trying to enter the world of business. This video did a great job of providing both the advantages and disadvantages of the different economies.

@dalemccloskey4030 3 жыл бұрын

This video was informative on different types of economic systems.It helps to know the different factors that play into the systems and how they can be advantages or disadvantages.

@dheemantn 3 жыл бұрын

I had fun learning all the different economic systems in the world. The advantages and disadvantages were profound.

@aohan8077 Жыл бұрын

It was enjoyable to study about the various economic systems since I was able to understand how they function in various settings. I discovered that there are more economies than I had previously realized.

@elizabethnewsom2558 3 жыл бұрын

The U.S. definitely trends toward more of a market economy, so I’m slightly biased here. I think that the market economy has some enormous advantages, and I’m a huge proponent of the invisible hand and letting supply and demand naturally determine prices. With that said, the market economy definitely has some limitations that make it less free, such as the tendency toward monopolies. This video does a great job highlighting the pros and cons of both economies and how it’s important to have elements of both.

@mindy_miller Жыл бұрын

This video gave me a great idea about the different economic systems. I enjoyed hearing about the advantages and disadvantages of the different systems. I recently took an economics course and this helped refresh my memory of what I learned during the course.

@GrahamRidge 2 жыл бұрын

This video is a great video for our course. I feel as if it is very informational and should be watched by anyone wanting to learn about the economy. Seeing how different each economic system is can be very beneficial and give a much better understanding of how economy as a whole works.

@lovedisneyworld13975 3 жыл бұрын

Thank you for posting this! I thought that it was very informational! I now understand some of the differences, disadvantages, and advantages of the 3 types of economic systems. (Market, Command, and Mixed)

@autumnellgass1150 2 жыл бұрын

As political systems and economic systems are generally intertwined in constituents' minds, this video highlights the differences by focusing directly on economic systems. Personally, I have difficulty separating the two so this really helped me make that divide mentally.

@moisesleandro2862 2 жыл бұрын

After watching this video, I now have a better grasp of why the most common economic system is the Mixed Economy. I am curious as to how COVID-19 will impact countries stances due to limited supplies whether they may be consumer goods or vaccines. I would assume in the short term the needle could potentially move closer to a command economy.

@lexipauling857 Жыл бұрын

This video taught me so much about the different economic systems and gave me a better understanding of them. It is helpful to know the advantages and disadvantages of each economic system.

@samanthasalazar4359 3 жыл бұрын

In this video, I appreciate the well-detailed explanations because it allows me to see the diverse choices in the different economic systems used around the world. The advantages and disadvantages really help see the differences in each system.

@veronicamxrsss 2 жыл бұрын

I enjoyed this video and learning more about the three different types of economies. I learned that one of the advantages of a commend economy is the increased focus on the common good, which in some cases are not the focus here in the United States. Overall the U.S. leans more toward the market economy which is absolutely great for innovation and growth.

@emilypittman2600 2 жыл бұрын

This video gave good insight into the different economic systems and gave me a better understanding of them. It is helpful to know the advantages and disadvantages of each economic system.

@brooklynrobinson6948 Жыл бұрын

This video was super helpful. Understanding the advantages and disadvantages of each of the economic systems is super helpful to know. Seeing how each of these economies are related to business success is extremely useful in differentiating between jobs and different economic systems.

@ariday1991 2 жыл бұрын

I find it interesting that most modern economic systems around the world are mixed economic systems. There are few that are purely market or command. In my opinion, mixed economies are better because when a large firm is in trouble, the government can step in and help prevent economic collapse by injecting money in the troubled firm.

@wworley9358 Жыл бұрын

I found the list of advantages and disadvantages for each type of economy interesting. Based on the advantages and disadvantages for each, it appears that the market economy or a mixed economy are preferable. However, like the video pointed out, a pure market economy or pure command economy are really hypothetical extremes. Therefore most economies are mixed economies and fall somewhere on a spectrum between the two. I personally prefer economies that lean more toward a market economy.

@addieortman1196 Жыл бұрын

This video was very informative with the different types of economic systems. It was very beneficial to hear the disadvantages and advantages of each one to have a better understanding. It opened up my perspective as to why countries may choose a specific economic system because it might work best for them specifically, and other countries may operate differently to their needs.

@dianacampo3668 8 ай бұрын

Prior to watching this video, I was not as familiar with the major types of economies. A mixed economy is highlighted in lessons since that is what the US is, however, other types such as a command economy are not covered as in-depth in education. After watching this video, I was able to better understand the differences and similarities between the three economies and how each possesses its own limitations.

@joshwilliams5041 3 жыл бұрын

It was interesting learning about the different economic systems, i was able to learn how different economies work in different environments. I also learned that there are more economies than I thought.

@averycruz2358 2 жыл бұрын

I believe international business wouldn't be the same today without economic systems.

@harleigh_johnson Жыл бұрын

The fact that most economies are hybrids of both command and market economies-hence the name "mixed economy"-interests me greatly. If you want to learn more about the many economic systems in the globe, watch this video. Knowing both each option's benefits and drawbacks demonstrates knowledge.