economic system JUST WRITTEN FOR YOU
/ɛkəˈnɒmɪk ˈsɪstəm/ · econ·o·mic sys·tem
noun
- A set of rules, practices, and institutions that govern the production, distribution, and exchange of goods and services within a society. The economic system of a country can greatly impact the standard of living of its citizens.
- A theoretical framework or model that describes how an economy functions and allocates resources. The economic system of socialism emphasizes the role of the state in regulating the economy.
Synonyms
economic modeleconomic structureeconomic frameworkeconomic ordereconomic organizationeconomic arrangementeconomic regime
Antonyms
Did you know? The concept of an economic system has been studied and debated by economists and philosophers for centuries, with ancient Greeks like Aristotle discussing the ideal economic system in his work 'Politics'.