{"id":2836,"date":"2023-02-22T21:42:25","date_gmt":"2023-02-22T21:42:25","guid":{"rendered":"https:\/\/course.oeru.org\/ient103\/?page_id=2836"},"modified":"2023-02-22T21:42:25","modified_gmt":"2023-02-22T21:42:25","slug":"what-is-an-economic-system","status":"publish","type":"page","link":"https:\/\/course.oeru.org\/ient103\/learning-pathways\/principles-of-economics-for-small-businesses\/what-is-an-economic-system\/","title":{"rendered":"What is an economic system?"},"content":{"rendered":"
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\"Inside-Business-Centre.jpg\"<\/a><\/div>\n

\u201cAll economic systems have three basic questions to ask: WHAT<\/b> to produce, HOW<\/b> to produce and in what quantities, and WHO<\/b> receives the output of production.\u201d<\/i> Wikipedia<\/a>\n<\/p>\n

These are the very questions business owners must ask themselves as well, because all businesses are embedded in local, national, and global economic systems.\n<\/p>\n

Let’s have a look in more detail at economic systems.
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  1. Read Economic Systems<\/a> .\n<\/li>\n
  2. You may also find this resource helpful: Economic System<\/a> on Wikipedia. Don’t worry too much about the long list of different types of economic systems (unless, of course, you are particularly interested in them!) – focus on the key points for the moment.\n<\/li>\n<\/ol>\n

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    Find out how much you have learned.\n<\/p>\n