Economic system

system of ownership, production and exchange

An economic system is a man-made and malleable system to regulate the production, resource allocation, exchange, and distribution of goods and services in a society or a geographic area.[1]

Trade, money, markets, banks, laws and regulations are all part of an economic system. Examples of economic systems include:


  1. Gregory, Paul R and Stuart, Robert C. 2013. The global economy and its economic systems. Independence, KY: Cengage Learning, 21-47. ISBN 1-285-05535-7