Definition of Economic System

a system of production, resource allocation, and goods distribution in a society

Examples of Economic System in a sentence

The economic system of a country includes its acquisition of resources and how those resources are distributed among the people of the nation. 🔊

In a dictatorship, the economic system of the country is completely controlled by the government, determining who gets what goods and resources at all times. 🔊

In a free market society, the economic system allows everyone to procure their own resources, and distribute the goods they make to people for personal profit. 🔊

Every advanced country has an economic system of some sort in which resources are gathered in a certain manner and distributed by those who acquire them. 🔊

Thanks to the economic system of free enterprise societies, business owners are free to make their own goods and sell them to whoever they wish. 🔊

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