An economic system shift refers to a significant change in how goods and services are produced, distributed, and consumed within an economy.
Related terms
Command Economy: An economic system where central authorities, usually government entities, make most decisions regarding production, distribution, and consumption.
Market Economy: An economic system where individuals and businesses make their own decisions about what goods and services to produce, distribute, and consume based on supply and demand.
Mixed Economy: An economic system that combines elements of both command economy (government intervention/control) and market economy (individual freedom/competition).