What do you understand by economic system?

Answer 1

An economic system contains three types, market,command, and traditional. Market is selling stuf on your own, traditional is well a tradition and commmand is being told to do so by the government.

(Is a system that involves production, distribution, and consumption of goods and services, Between entities in a particular society. composed of people and institutions.) (Is a system that involves production, distribution, and consumption of goods and services, Between entities in a particular society. composed of people and institutions.)

Answer 2

• economic system-is not working when people became aware of that there are important things that need to be done,but are sitting around doing nothing because the system does not support them with the motivation to get on.

Answer 3

An economic system is a system that involves the production, distribution and consumption of goods and services between the entities in a particular society. The economic system is composed of people and institutions, including their relationships to productive resources, such as through the convention of property. In a given economy, it is the systemic means by which problems of economics are addressed, such as the economic problem of scarcity through allocation of finite productive resources. Examples of contemporary economic systems include capitalist systems, socialist systems, and mixed economies. Economic systems is the economics category that includes the study of respective systems.

Source(s):.wikipedia

Answer 4

The term "economic system" refers to the method by which trade and business organizations are regulated by the state.