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 a subsistence economic system?

A subsistence economy is one in which people cooperate with nature and one another to obtain the food and shelter they need to survive. This type of economy relies on hunting, farming and building ... Read More »

What economic system does Haiti have?

Haiti has a capitalistic economic system. Around 80 percent of Haiti's population lives below the poverty line, making it the poorest country in the Western hemisphere, according to the CIA World F... Read More »