economic system

  

Definition

An organized way in which a state or nation allocates its resources and apportions goods and services in the national community.

Use economic system in a sentence

  • The economic system in many African countries is substandard as citizens don't have enough money for basics such as food and education.

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  • There exists an economic system in the USA which was not always fair to people of color just less than 100 years ago.

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  • The United States tries to practice a capitalist economic system, although many different economic systems exist amongst other political groups around the world.

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