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What Are the Three Components of Economic Systems

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What are the three components of economic systems?


Definitions:

Ethnocentrism

The belief that one’s own ethnic group, nation, or religion is superior to all others.

Interdependence

A relationship between entities where each is mutually dependent on the other, often used to describe economic or ecological systems.

Acculturation

The process of adopting the cultural traits or social patterns of another group, especially by contact and interaction.

Diffusion of Responsibility

A sociopsychological phenomenon whereby a person is less likely to take responsibility for action or inaction when others are present.

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