economic system


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economic system

a mechanism for tackling the twin problems of SCARCITY and CHOICE. Because economic resources are limited relative to society's demand for goods and services, some means of allocating resources between alternative ends is required. In the modem world, three basic allocative mechanisms perform this function: PRIVATE ENTERPRISE ECONOMY, in which resources are allocated through markets; CENTRALLY PLANNED ECONOMY, in which resources are all allocated by the state; MIXED ECONOMY, in which resources are allocated both by the market and by the state. See NATIONALIZATION, PRIVATIZATION.
References in periodicals archive ?
There was a discontinuity in the Japanese economic system around WWII.
He said that after the recent recessions in West and Europe, the future of Capitalism has come under critical review and many economists & experts are exploring alternatives to provide with a seamless economic system.
Republicans are more likely than independents or Democrats to say the economic system in general is fair, but the party differences are not huge compared with what is typical on other political measures.
Only a balanced economic system, one that coordinates market activity with a full complement of supporting institutions, can deliver both high-quality economic growth and an acceptable level of fairness.
a€centsGovernance: Islamic economic system is bound by divine guidance and revelations while capitalism and socialism both rely on man-made laws.
Jesus' instructive Sermon on the Mount helps those doing justice to form their critique of economic systems.
While Jesus had little to say about economic systems, He had a lot to say about economic life -- about wealth, possessions and personal morality," says Rae, professor of Christian ethics and chair of the philosophy of religion and ethics department at Talbot School of Theology.
They also called for the setting up of a more equitable global economic system.
The Tunisian and foreign participants in the Symposium also called to boost women's contribution in the economic development work, to humanise the world economic system and consider Arab economic complementarity as a key guarantor for achieving the region's hoped-for socio-economic targets.
The next following section presents the results of the regression analysis attempting to relate economic system to the level of happiness.
It's time for a radically different economic system which reduces inequality, creates jobs, puts people before profit, ensures a sustainable environment, and puts eradicating poverty at its heart.
Perhaps, Fryer's greatest gift is a glimpse into the very complex lives of African Americans and the economic system that continues to exploit the majority of the population.