Define economic and classy the economic system
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An economic system is a system of production, resource allocation, and distribution of goods and services within a society or a given geographic area. ... Economic systems is the category in the Journal of Economic Literature classification codes that includes the study of such systems. Classification
of Economic Systems Five main institutions:
1.decision-making:
2.coordinating mechanism:
3.property rights:
4.incentive system
5.public choice and objectives:
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The way scarce resources get distributed within an economy determines the type of economic system. There are four different types of Economic Systems; a traditional economy, a market economy, a command economy, and a mixed economy. Each type of economy has its own strengths and weaknesses.
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