economic system


Frameworks for the distribution and allocation of goods and services in a nation or society. Socialism, Capitalism, Feudalism, and Mercantilism are examples of several economic systems. A nation's choice of economic system can produce both positive and negative effects on its internal economy and economic interactions with other nations.

Use economic system in a sentence

The open economic system of the United States makes it much easier to conduct international business there than in a country like North Korea.

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Libertarians frequently believe in a free-market economy, which is an economic system that relies on the free market to keep the world around us afloat and reduces the amount of government intervention on the free market.

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When dealing with foreign customers or sellers, it's wise to keep in mind that not all nations operate under the same economic system. While it's easy to assume capitalism is global, this is far from always the case across the board - local real estate, health care, communications markets are quite often state controlled to some degree, and local actors may (often correctly) assume that markets they've heard no different about are by default controlled by the government, the people via the government, local tribes, or any other setup not necessarily open to or interested in bids or requests for bids.

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