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An economic system can be defined as an organized way in which a state or nation allocates its resources and apportions goods and services in the national community. Some common economic systems are: capitalism, communism, market system, mixed economy, and socialism. All economic systems are run differently with different beliefs on what would best help the economy be successful. This includes government regulations, different laws, and the ownership of businesses.
| 11 years ago. Rating: 3 | |
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