Economic System (Noun)
Meaning
The system of production and distribution and consumption.
Classification
Nouns denoting groupings of people or objects.
Examples
- The capitalist economic system prioritizes individual profit and private ownership of the means of production.
- A socialist economic system seeks to provide essential goods and services to all members of society through state ownership or regulation.
- The US has a mixed economic system, combining elements of both capitalism and government intervention.
- The collapse of the Soviet Union led to a major overhaul of its economic system, transitioning from a centrally planned to a market-based economy.
- A country's economic system plays a significant role in shaping its development and impact on the environment.