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 mechanism (also defined as system or social institution) which deals with the production , distribution and consumption of goods and services in a particular society
an accepted way of organizing production, establishing the rights and freedom of ownership, using productive resources, and governing business transactions in a society
the ideas and institutions that people draw upon and the behaviors in which they engage in order to secure resources to satisfy their needs and desires.
The collection of institutions, laws, activities, controlling values, and human motivations that collectively provide a framework for economic decision making.
the framework a society uses to organize and facilitate the production, distribution and consumption of goods and services.
An economic system is a mechanism (social institution) which deals with the production, distribution and consumption of goods and services in a particular society.