"An economic system is a mechanism which deals with the production, distribution and consumption of goods and services in a particular society. The economic system is composed of people, institutions and their relationships. It addresses the problems of economics, like the allocation and scarcity of resources. ..."
Economic, social and political forms of societal organization
- 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
Economic system - Wikipedia, the free encyclopedia