QUESTION 1:
The economic systems section of Chapter 2 in Global Marketing discusses seven criteria to categorize an
economic system. Describe the economic system of the US based on these seven criteria.
Type of economy. Is the nation an advanced industrial state, an emerging economy, a -transition economy, or a
developing nation?
Type of government. Is the nation ruled by a monarchy, a dictatorship, or a tyrant? Is there an autocratic, oneparty system? Is the nation dominated by another state, or is it a democracy with a multiparty system? Is it an
unstable or terrorist nation?
Trade and capital flows. Is the nation characterized by almost completely free trade or incomplete free trade,
and is it part of a trading bloc? Is there a currency board, or are there exchange controls? Is there no trade, or
does the government dominate trade possibilities?