Mixed Economic System

1458 Words 6 Pages
Education can set apart a country because education levels is directly more income. Education levels vary greatly depending on where you are in the world. Developed countries generally have education programs readily available while developing and underdeveloped countries struggle to provide adequate education. Basically, getting a higher education will increase your income by increasing skill levels and ultimately generating more money for spending in the market. With more learning and education there comes reforms and new laws for markets like green and low calorie products even regulation of cigarettes for public safety concerns. With more training, education, and development employee with higher skill sets arise to meet the markets/
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There are four types of economic systems 1. traditional economic system, 2. command economic system, 3. market economic system and 4. mixed economic system.[6] Depending on which system is used there is a vast difference on economic capacity and available consumers and workforce. Traditional economic systems usually occur in 2nd and 3rd world countries where customs are preserved and products are made for suit the needs of the community. Command economic systems where the economy is controlled by a central power being the government or ruler great limitations come with this kind of economy because it sets limitations on the company’s operating or selling in these regions.[7] Market economic systems are when the government does not control resources or trade and it is open for the people to decide this is generally capitalist and socialist economies. This type of economy allows business to grow and have the option to earn high profits. Lastly, mixed economic systems is a combo of command and market economy.[8] America is an example of a mixed economy because while the government does not control the resources in the country they still provide government programs and regulations. With these different types of economies comes many different challenges with laws and currency exchange rates that must be consider before operating in other countries. However, economic systems can offer attractive options …show more content…
For example Coca Cola could have a certain training program for people in the U.S. going to work in Japan and a different one for people live in Japan and are going to work in the U.S.. Each program would be characterized to that region 's cultural, political, and economic environment and prepare for the change in lifestyles. For example in Iraq it may not be socially correct for a woman to drive or show her hair so cultural sensitivity training would inform the person and make them knowledgeable of the customs and beliefs of that region so they do not offend their new community. Not only should the employer train the employee but they should also bring in the family and prepare them as a whole for the new journey abroad. Five challenges should be overcome when training a global workforce linguistic diversity, cultural differences, high training costs, deficient technological infrastructure, and time zone differences. To overcome language barriers the employee should speak both the local and common language of the region. When dealing with culture barriers companies could give “business ethics courses and cross-cultural communication courses… having a deep understanding of cultural norms and tailoring to accommodate these

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