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

Princeton's WordNetRate this definition:3.2 / 11 votes

1. economy, economic systemnoun

   the system of production and distribution and consumption

WikipediaRate this definition:0.0 / 0 votes

1. Economic system

   An economic system, or economic order, is a system of production, resource allocation and distribution of goods and services within a society or a given geographic area. It includes the combination of the various institutions, agencies, entities, decision-making processes, and patterns of consumption that comprise the economic structure of a given community.

ChatGPTRate this definition:0.0 / 0 votes

1. economic system

   An economic system is a structured method used by societies to allocate scarce resources, produce and distribute goods and services, and facilitate trade and commerce. It comprises the institutions, policies, procedures, and principles that guide economic decisions and activities. Examples of different types of economic systems include capitalism, socialism, and communism. Within an economic system, decisions about what to produce, how to produce it, and for whom are made.

WikidataRate this definition:2.9 / 7 votes

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 ContributionRate this definition:0.0 / 0 votes

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

1. • System

How to pronounce economic system?

1. Alex

   US English

   David

   US English

   Mark

   US English

   Daniel

   British

   Libby

   British

   Mia

   British

   Karen

   Australian

   Hayley

   Australian

   Natasha

   Australian

   Veena

   Indian

   Priya

   Indian

   Neerja

   Indian

   Zira

   US English

   Oliver

   British

   Wendy

   British

   Fred

   US English

   Tessa

   South African

How to say economic system in sign language?

Numerology

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 Lind:

   You have to address race, but you can't address race only, you have to address class and the economic system. Even if you got rid of racism, the Southern economic model still exists. It's unchanged.

2. State John Kerry on Tuesday:

   We ... have to accept that changes to the global economic system will happen with us or without us.

3. Syafrudin Anhar:

   Muhammadiyah is now in the middle of a struggle between a capitalist economic system and a socialist economic system, the world will not reach peace and prosperity through political intrigue, but rather through economic balance.

4. Lazaro Rodriguez:

   It updates our economic system, which is not very good, but we are trying to modernize and that is very positive.

5. State John Kerry on Tuesday:

   The only people ... who would benefit from a decision by the United States not to participate in the TPP would be international competitors, and believe me they would be delighted, we ... have to accept that changes to the global economic system will happen with us or without us.

References

1. ^ Princeton's WordNet
   http://wordnetweb.princeton.edu/perl/webwn?s=economic system
2. ^ Wikipedia
   https://en.wikipedia.org/wiki/Economic_System
3. ^ ChatGPT
   https://chat.openai.com
4. ^ Wikidata
   https://www.wikidata.org/w/index.php?search=economic system