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Economic system: meaning, definitions and examples

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economic system

[ ˌiː.kəˈnɑː.mɪk ˈsɪs.təm ]

Noun

^{Context #1 | Noun}

business

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.

Synonyms

economic order, economic structure.

Which Synonym Should You Choose?

Word	Description / Examples
economic system	Refers to the comprehensive and organized way by which a country or region manages its economic activities, including production, distribution, and consumption of goods and services. The capitalist economic system promotes private ownership and free markets
economic order	Describes the arrangement or organization of economic relationships and institutions in a particular period or society, emphasizing the stability and functioning of these elements. After the war, a new economic order emerged, focusing on global trade and cooperation
economic structure	Refers to the specific composition and organization of an economy, including the division of industries, sectors, and their relative contributions to the GDP. The economic structure of the region is heavily reliant on agriculture and manufacturing

Word

Description / Examples

economic system

Refers to the comprehensive and organized way by which a country or region manages its economic activities, including production, distribution, and consumption of goods and services.

The capitalist economic system promotes private ownership and free markets

economic order

Describes the arrangement or organization of economic relationships and institutions in a particular period or society, emphasizing the stability and functioning of these elements.

After the war, a new economic order emerged, focusing on global trade and cooperation

economic structure

Refers to the specific composition and organization of an economy, including the division of industries, sectors, and their relative contributions to the GDP.

The economic structure of the region is heavily reliant on agriculture and manufacturing

Examples of usage

The United States operates on a capitalist economic system.
In a socialist economic system, the government owns and controls the means of production.

^{Context #2 | Noun}

finance

An economic system refers to the structure of production, distribution, and consumption of goods and services within an economy.

Synonyms

economic framework, economic model.

Which Synonym Should You Choose?

Word	Description / Examples
economic system	Used when talking about the structure and organization of the economy in a country or region. The economic system of the country is based on capitalism. Different countries have different economic systems, such as socialism or mixed economies.
economic model	Used to describe theoretical constructs or representations that explain and predict economic phenomena. The government is using an economic model to forecast the impact of the new tax policy. Researchers developed an economic model to understand the relationship between inflation and unemployment.
economic framework	Refers to the underlying structure or set of guidelines that influence and shape economic policies and practices. The new economic framework aims to promote sustainable growth. An effective economic framework is crucial for the stability of financial markets.

Word

Description / Examples

economic system

Used when talking about the structure and organization of the economy in a country or region.

The economic system of the country is based on capitalism.
Different countries have different economic systems, such as socialism or mixed economies.

economic model

Used to describe theoretical constructs or representations that explain and predict economic phenomena.

The government is using an economic model to forecast the impact of the new tax policy.
Researchers developed an economic model to understand the relationship between inflation and unemployment.

economic framework

Refers to the underlying structure or set of guidelines that influence and shape economic policies and practices.

The new economic framework aims to promote sustainable growth.
An effective economic framework is crucial for the stability of financial markets.

Examples of usage

The free market economic system allows for competition and consumer choice.
The planned economic system involves central control over production and distribution.

Translations

Translations of the word "economic system" in other languages:

🇵🇹 sistema econômico

🇮🇳 आर्थिक प्रणाली

🇩🇪 Wirtschaftssystem

🇮🇩 sistem ekonomi

🇺🇦 економічна система

🇵🇱 system ekonomiczny

🇯🇵 経済システム

🇫🇷 système économique

🇪🇸 sistema económico

🇹🇷 ekonomik sistem

🇰🇷 경제 시스템

🇸🇦 النظام الاقتصادي

🇨🇿 ekonomický systém

🇸🇰 ekonomický systém

🇨🇳 经济系统

🇸🇮 ekonomski sistem

🇮🇸 efnahagskerfi

🇰🇿 экономикалық жүйе

🇬🇪 ეკონომიკური სისტემა

🇦🇿 iqtisadi sistem

🇲🇽 sistema económico

Etymology

The concept of economic systems has been studied and debated by economists and scholars for centuries. Different economic systems have evolved over time, from traditional and command economies to market and mixed economies. The idea of an economic system is central to understanding how societies organize and allocate resources to meet the needs and wants of their citizens. The study of economic systems continues to be a fundamental aspect of economics and social sciences.