My Manufacturing Firm Essay -- Economic Systems, Market-Oriented Econo

Economic Systems An economic system refers to the rules of the game on how a country is governed economically (Peng, 27). A country’s strategy for its services, goods produced and the process in which its economic plan is executed. Market economy is characterized by the â€Å"invisible hand† of market forces (Peng, 27). The effect of supply and demand affects the availability and price of a product for the interaction of businesses. Command economy is defined by a government taking (Peng, 27). All stellar decisions associated with production, distribution, product and service prices are controlled by the government. Mixed economy has elements of both a market economy and a command economy (Peng, 28). Businesses will have some flexibility in decision- making, but the government has control in others. When running a business in each of these different economic systems, it’s important to understand where the goods and services offered can be used and marketed. Economics are admin istered in a different manner by governments around the world. China’s economic transformation over the past two decades has converted to a market-oriented economy. The market-oriented reforms China implemented have unleashed individual initiative and entrepreneurship (globalEdge, 2010). A repercussion that the Chinese government deals with is the increased pollution and decline of natural resources. This can have an effect on job growth, new entrants entering the workforce and the foulness of crimes for an international business. There is an increase leeriness of purchasing Chinese products due to the contamination by pollution and chemicals. China’s key task was to create a socialist market economy (globalEdge, 2010). Many businesses are state-owned and o... ...ordination of goals and objectives that might get out of hand by the host country managers, by having a plan of action. Host country nationals will make local decision about product pricing and distribution, but the home office can overrule the local decisions. The staffing approach that best fits Mexico is the ethnocentric approach. Under this approach, people are perceived in the interest of how well they can complete a job or task rather than on the essence of religion, culture or their home country. Employees are chosen throughout the business by who they are and not where they come from concluding in a diverse workforce. This approach is genuinely global. A geocentric approach to international business sees its entire staff as able to in fact contribute to the business goals and objectives. Decision making is related to the well-being of the business. My Manufacturing Firm Essay -- Economic Systems, Market-Oriented Econo Economic Systems An economic system refers to the rules of the game on how a country is governed economically (Peng, 27). A country’s strategy for its services, goods produced and the process in which its economic plan is executed. Market economy is characterized by the â€Å"invisible hand† of market forces (Peng, 27). The effect of supply and demand affects the availability and price of a product for the interaction of businesses. Command economy is defined by a government taking (Peng, 27). All stellar decisions associated with production, distribution, product and service prices are controlled by the government. Mixed economy has elements of both a market economy and a command economy (Peng, 28). Businesses will have some flexibility in decision- making, but the government has control in others. When running a business in each of these different economic systems, it’s important to understand where the goods and services offered can be used and marketed. Economics are admin istered in a different manner by governments around the world. China’s economic transformation over the past two decades has converted to a market-oriented economy. The market-oriented reforms China implemented have unleashed individual initiative and entrepreneurship (globalEdge, 2010). A repercussion that the Chinese government deals with is the increased pollution and decline of natural resources. This can have an effect on job growth, new entrants entering the workforce and the foulness of crimes for an international business. There is an increase leeriness of purchasing Chinese products due to the contamination by pollution and chemicals. China’s key task was to create a socialist market economy (globalEdge, 2010). Many businesses are state-owned and o... ...ordination of goals and objectives that might get out of hand by the host country managers, by having a plan of action. Host country nationals will make local decision about product pricing and distribution, but the home office can overrule the local decisions. The staffing approach that best fits Mexico is the ethnocentric approach. Under this approach, people are perceived in the interest of how well they can complete a job or task rather than on the essence of religion, culture or their home country. Employees are chosen throughout the business by who they are and not where they come from concluding in a diverse workforce. This approach is genuinely global. A geocentric approach to international business sees its entire staff as able to in fact contribute to the business goals and objectives. Decision making is related to the well-being of the business.