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what is the meaning of economic system

February 6, 2011


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An economic system is the structure used to allocate resources and exchange goods and services between different parties. It is a set of principles, institutions and social relations. Different types of economic systems exist around the world.

In the free-enterprise economic system resources are privately owned and members of society pursue their self-interest. In the communist system resources are publicly owned, government actions and economic planning are intended to achieve social objectives..

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