Definition of Economic system:
A system by which a society or other structure is organized with regard to its economy; the sum of the economic institutions and arrangements of a society.
An organized way in which a state or nation allocates its resources and apportions goods and services in the national community.
How to use Economic system in a sentence?
- The economic system in many African countries is substandard as citizens dont have enough money for basics such as food and education.
- The United States tries to practice a capitalist economic system , although many different economic system s exist amongst other political groups around the world.
- There exists an economic system in the USA which was not always fair to people of color just less than 100 years ago.
Meaning of Economic system & Economic system Definition