WordNet
n. the system of production and distribution and consumption [syn: economy]
Wikipedia
An economic system is a system of production, resource allocation, exchange, and distribution of goods and services in a society or a given geographic area. It includes the combination of the various institutions, agencies, entities, decision-making processes, and patterns of consumption that comprise the economic structure of a given community. As such, an economic system is a type of social system. The mode of production is a related concept. All economic systems have 3 basic questions to ask: what to produce, how to produce and in what quantities, and who receives the output of production.
The study of economic systems includes how these various agencies and institutions are linked to one another, how information flows between them, and the social relations within the system (including property rights and the structure of management).
The analysis of economic systems traditionally focused on the dichotomies and comparisons between market economies and planned economies, and on the distinctions between capitalism and socialism. Subsequently, the categorization of economic systems expanded to include other topics and models that do not conform to the traditional dichotomy. Today the dominant form of economic organization at the world level is based on market-oriented mixed economies.
Economic systems is the category in the Journal of Economic Literature classification codes that includes the study of such systems. One field that cuts across them is comparative economic systems, which include the following subcategories of different systems:
- planning, coordination, and reform
- productive enterprises; factor and product markets; prices; population
- public economics; financial economics
- national income, product, and expenditure; money; inflation
- international trade, finance, investment, and aid
- consumer economics; welfare and poverty
- performance and prospects
- natural resources; energy; environment; regional studies
- political economy; legal institutions; property rights.
Usage examples of "economic system".
By building a stable, inclusive new Iraqi political system coupled with a prosperous new economic system, the United States would demonstrate its commitment to the future of the Arab world.
If we can distinguish between man-made rules and natural necessity, we will know what we can and what we can't do with an economic system.
Bazaaris had created a political and economic system that was a larger version of the labyrinthine world of the south Teheran market.
How do you fight an economic system that, through no fault or desire of your own, is all that stands between you and even greater squalor than already exists?
It ensures massive public support for POPPA, given the urban population that will begin receiving food at no cost to themselves, but it will destroy the economic system governing sale of the remaining food produced on privately held acreage.
However, while the mainland coveted the goods and services and the riches that resulted, they did not covet the political and economic system that made it possible.
Who are like parasites on the prosperous economic system that has been built up over the years by the hard work of productive citizens the likes of Sam Wyatt.
And in our years on Mars, we have developed an economic system that can keep all those promises.
The Martian economic system must reflect both these facts, balancing self-interest with the interests of society at large.