It refers to the mechanism that a society can adopt to answer the basic economic question
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A country’s economic system is made up of institutions and decision-making structures that determine economic activity.
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A society (or country) might decide to produce candy or cars, computers or combat boots. The goods might be produced by unskilled workers in privately owned factories or by technical experts in government-funded laboratories. Once they are made, the goods might be given out for free to the poor or sold at high prices that only the rich can afford. The possibilities are endless.
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