Economic system facts for kids
An economic system is a man-made and malleable system to regulate the production, resource allocation, exchange, and distribution of goods and services in a society or a geographic area.
Trade, money, markets, banks, laws and regulations are all part of an economic system. Examples of economic systems include:
- Market economy, where prices are decided by supply and demand.
- State capitalism, where the means of production are organized and managed as state-owned business enterprises, and wages are decided by the government.
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Economic system Facts for Kids. Kiddle Encyclopedia.