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.
- Capitalism - Economic system where the means of production are privately owned
- Communism - Socio-economic system in which private property rights are eliminated
- Fascism - Politico-economic system where the means of production are nominally in private hands but controlled by a combination of state and business interests
- Socialism - Socio-economic system in which the means of production and distribution are under collective or government control
The introductory paragraph uses material from the Wikipedia article "Economic system" as of 04 Oct 2018, which is released under the Creative Commons Attribution-Share-Alike License 3.0.