• Assess the importance and effects of globalization

Think about what a complex system a modern economy is. It includes all production of goods and services, all

buying and selling, all employment. The economic life of every individual is interrelated, at least to a small

extent, with the economic lives of thousands or even millions of other individuals. Who organizes and

coordinates this system? Who ensures that, for example, the number of televisions a society provides is the

same as the amount it needs and wants? Who ensures that the right number of employees work in the

electronics industry? Who ensures that televisions are produced in the best way possible? How does it all get

done?

There are at least three ways that societies organize an economy. The first is the traditional economy, which is

the oldest economic system and is used in parts of Asia, Africa, and South America. Traditional economies
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