Economic Structures

Definition

Economic structures refer to the organization and patterns of production, distribution, consumption, and exchange within an economy or society. It encompasses factors such as types of industries, market systems, labor divisions, wealth distribution models.

Related terms

Capitalism: An economic system characterized by private ownership of property/resources with profit-seeking individuals driving production decisions through market forces.

Socialism: An economic system where collective ownership/control over resources aims to reduce inequalities through public planning/regulation while ensuring provision for basic needs.

Market Economy: An economic system where supply/demand forces determine prices/production decisions in industries primarily driven by individual choices/consumer preferences.