Economic system: meaning, definitions and examples
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economic system
[ ˌiː.kəˈnɑː.mɪk ˈsɪs.təm ]
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
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.
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
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.