An economic system (also 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. As such, an economic system is a type of social system. The mode of production is a related concept. All economic systems have three basic questions to ask: what to produce, how to produce and in what quantities, and who receives the output of production.
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- Capitalism - Economic system where the means of production are privately owned
- Socialism - Socio-economic system in which the means of production and distribution are under collective or government control
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The introductory paragraph uses material from the Wikipedia article "Economic system" as of 4 Oct 2018, which is released under the Creative Commons Attribution-Share-Alike License 3.0.