Definitions for "Economic system"
Method that a group of people uses to choose (1) what goods and services to produce, (2) how to produce them, (3) how much to produce, and (4) how to distribute them to people. See capitalist market economic system, pure command economic system, pure free-market economic system.
the system of production and distribution and consumption
a complex of inter-relations between different claimants in any society, which makes it necessasry for government's action and policy to be consistent over time and in direction, so as to maximise the efficient use of limited resources
a way of answering these basic questions
a way of structuring an economy to reflect the values, assumptions, and goals of a particular culture
The way in which a nation allocates its resources among its citizens.