Economic system

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.

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

• Market economy, where prices are decided by supply and demand.
• Socialism \communism, any of the economic ideologies in which the national government owns and manages all or most of the means of production. Most famous is Marxist-Leninism.
• Corporatism, where big box corporations hold great influence over the country's economic policies, usually through lobbying.
• Laissez-Faire capitalism - Capitalism with very little, if any, state intervention. Also called free market.
• barter - economic system common in tribal societies.

Economic System Media

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  Circulation model of economic flows for a closed market economy. In this model the use of natural resources and the generation of waste (like greenhouse gases) is not included.

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  Common typology for economic systems categorized by resource ownership and resource allocation mechanism