What is an open economic system?

Answer Several different types of economic system classifications exist in the world today. An open economic system in its purest form is an ideal, and no country has a completely open economy. However t... Read More »

Top Q&A For: What is an open economic system

What is the U.S. economic system?

The U.S. economic system is the largest in the world as of 2009, with a gross domestic product of roughly $14.2 trillion. Much of this success lies in its limited control of the private sector, pro... Read More »

What economic system is used in the USA?

The United States is a market-oriented economy. According to Auburn University's "Glossary of Political Terms," a market economy is one that is regulated by the laws of supply and demand, rather th... Read More »

What is the economic system of mexico?

Mexico has a free-market-based economy. While Mexico has the second largest economy in Latin America, there is great disparity between the rich and poor in the nation bordering the United States.Fr... Read More »

What is the economic system of mercantilism?

Mercantilism refers to a system of economics that prevailed from the 1500s to the 1700s. Under mercantilism, nations sought to increase exports of their products and restrict foreign goods, filling... Read More »