Definitions for economic system

This page provides all possible meanings and translations of the word economic system

Princeton's WordNet

  1. economy, economic system(noun)

    the system of production and distribution and consumption


  1. Economic system

    An economic system is a system for producing, distributing and consuming goods and services, including the combination of the various institutions, agencies, consumers, entities that comprise the economic structure of a given society or community. It also includes how these various agencies and institutions are linked to one another, how information goes between them, and the social relations within the system. A related concept is the mode of production. Among actual economic systems, distinctive methods of analysis have developed, such as socialist economics and Islamic economic jurisprudence. Today the dominant form of economic organization at the global level is based on capitalist 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. Subcategories of different systems there include: ⁕planning, coordination, and reform ⁕productive enterprises; factor and product markets; prices; population ⁕public economics; financial economics

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