Economics in today’s society is a complex process that played out on a global scale. This brief discussion will examine two systems that influence today’s modern economy, these are known as market economy system and command economy system. Address how the two differ and lastly assess which has the best chance of solving the problems seen in today’s global trade.
In today’s global trade, commerce is at the forefront for goods and services, in the United States, Market economy system is what controls how goods are produced and sold. With this type of economic system, no single source controls the production of goods. Instead, a vast array of companies, firms and individuals are free to design, product and sell whatever product they deem profitable