Economic systems refer to the ways in which societies organize, produce, and distribute goods and services. They determine how resources are allocated and how economic activities are conducted within a society.
Related terms
Market Economy: A market economy is an economic system where decisions regarding production, distribution, and investments are based on supply and demand.
Command Economy: A command economy is an economic system where all aspects of production and distribution are controlled by a central government authority.
Mixed Economy: A mixed economy is an economic system that combines elements of both market and command economies. It allows for private ownership while also having government intervention in certain areas.