What does economic system mean?

Definitions for economic system
eco·nom·ic sys·tem

Here are all the possible meanings and translations of the word economic system.

Princeton's WordNet

  1. economy, economic systemnoun

    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

Editors Contribution

  1. economic system

    All facets of an economy that cocreate as a system.

    The economic system is cocreated on the model of social enterprise and sharing for the collective good of all.

    Submitted by MaryC on January 20, 2021  

Matched Categories

How to pronounce economic system?

How to say economic system in sign language?


  1. Chaldean Numerology

    The numerical value of economic system in Chaldean Numerology is: 1

  2. Pythagorean Numerology

    The numerical value of economic system in Pythagorean Numerology is: 7

Examples of economic system in a Sentence

  1. Michael Beckley:

    China, on the one hand, wants to support Russia but is not willing to go to the full extent as an ally would because it worries that it'll get cut off from the Western economic system and invite hostility towards itself.

  2. Richard Wolff:

    Fundamental issues that ought to be part of the conversation in our economic system are excluded as if they don't exist.

  3. Josh Lipsky:

    These supply chains have been built over 30 years, so you just can't move them into another country, check back in at Davos in 10 years and see how different the global economic system is. It doesn't mean there's not a desire to change, but actually doing it is far more complicated.

  4. Laurie Laybourn-Langton:

    No country on Earth is doing what is required to make sure we get toward an economic system capable of confronting the twin challenges of ecological collapse and climate change, there are, though, a number of ideas and small-scale projects being done that arguably – if scaled up – could deal with the problem.

  5. Raoul Vaneigem:

    Daily life is governed by an economic system in which the production and consumption of insults tends to balance out.

Translations for economic system

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