economic system
The set of institutions, rules, and relationships that govern the production, distribution, and exchange of goods and services in a society.
B2Adjective + NounNode word: economic
Meaning
The set of institutions, rules, and relationships that govern the production, distribution, and exchange of goods and services in a society.
Example Sentences
- “The country's economic system was based on a mix of state-owned and private enterprises.”
- “Economic systems can be classified into different types, such as capitalist, socialist, and mixed economies.”
Quick Answers
What does “economic system” mean?
The set of institutions, rules, and relationships that govern the production, distribution, and exchange of goods and services in a society.
How do you use “economic system” in a sentence?
“The country's economic system was based on a mix of state-owned and private enterprises.”
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