What does the economic system consists of Economic system consists of

Expert Solution

It shall be noted that an economic system, or economic order, is a system of production, resource allocation, and distribution of goods and services within a society or a given geographic area. 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.

An economy or economic system consists of the production, distribution or trade, and consumption of limited goods and services by different agents in a given geographical location and a set of processes that involves its culture, values, education, technological evolution, history, social organization, political structure and legal systems, as well as its geography, natural resource endowment, and ecology, as main factors. These factors give context, content, and set the conditions and parameters in which an economy functions.

Rahul Sunny answered 8 months ago

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