Economic Systems is a broad term that refers to the various ways in which a society organizes and manages its economic activities. It includes the distribution of resources, the production and consumption of goods and services, and the allocation of resources among different sectors of the economy. It also includes the mechanisms for
From Wikipedia
An economic system, or economic order, is a system of production, resource allocation and distribution of goods and services within an economy. It includes the combination of the various institutions, agencies, entities, decision-making processes, and patterns of consumption that comprise the economic structure of a given community.