economic system
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An economic system is the way a society organizes who owns resources, how things are produced, and how goods and services are exchanged among people. It matters because it shapes the rules and structures that affect people's work, income, access to goods, and overall quality of life.
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Circulation model of economic flows for a closed market economy. In this model the use of natural resources and the generation of waste (like greenhouse gases) is not included.
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.