An economic system is a system of production and exchange of goods and
services as well as allocation .... There is no precise definition of a "mixed
Definition of economic system: An organized way in which a state or nation
allocates its resources and apportions goods and services in the national
In this lesson, you'll learn about the three major forms of economic systems,
including planned, market, and mixed market economies. You'll also explore the
of Factory Systems
: The factory system
is the idea that factories may have been more efficient by reducing transactions costs, as argued by Oliver Williamson (1980). (Econterms)
Terms related to Factory Systems
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Noun, 1. economic system - the system of production and distribution and
consumption economic system - the system of production and distribution and ...
Definition of economic system: Frameworks for the distribution and allocation of
goods and services in a nation or society. Socialism, Capitalism,...
Definition of an economic system. ... An economic system is comprised of the
various processes of organizing and motivating labor, producing, distributing,
May 19, 2014 ... There are four types of economic systems in the world: traditional, command,
market and mixed. Each has its strengths, weaknesses, ...