Economic system

Economic system is the social institution through which goods and services are produced, distributed, and consumed.

Economic system is the method society uses to allocate its resources (land, labor, capital, and entrepreneurship) to satisfy its needs.

This system refers the accepted process by which labor, capital, and natural resources ae organized to produce and distribute goods and services in a society.

Category: Sociology, Economics
Share it:  Cite

More from this Section

  • Adjustable peg system
    Adjustable peg system is a system in which a currency is pegged to another, but with the ...
  • Barter
    Barter means the direct exchange of goods and/or services for other goods and/or services ...
  • Model or ideal minority
    Model or ideal minority is a minority group that despite prejudice and discrimination ...
  • Monarchy
    Monarchy is a form of government headed by a single member of a royal family, usually ...
  • Fully amortized loan
    Fully amortized loan is a credit market instrument that provides a borrower with an amount ...