Answer:
An economic system is an organizational system of the resources and production of a given territory, generally a country. In other words, it is the method by which the economic production of a country and the benefits it produces are organized, regulated and distributed.
The two best-known economic systems today are capitalism and socialism. In the first of these, production is regulated through free competition and little or no state regulation, while in the second, state participation occupies a large part of the country's production.
There are marked differences between the two economic systems: for example, capitalism seeks capital investment through low taxes, and strictly respects private property; while socialism seeks high taxes for a further redistribution of economic capacity, and property rights yield to the common welfare.
Answer:
An economic system is an organized way in which a country allocates resources and distributes goods and services across the whole nation or a given geographic area. It is includes the combination of several institutions, entities, agencies, decision-making processes and patterns of consumption that make up the economic structure of a specific community.
Explination: Right on edge 2020
