economic system

Definition

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

Free enterprise is an example of an economic system where there are fewer restrictions on creating businesses, distribution of goods and services, and trade.

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store of value laissez-faire