Economic system

An economic system is how a country manages the production, distribution, and consumption of goods and services. It determines who owns resources—like land, labor, and capital—and how decisions are made about what to produce and how. Different systems, such as capitalism, socialism, or mixed economies, balance private ownership and government control differently. The goal is to efficiently meet people's needs and wants while addressing issues like fairness and economic stability. Essentially, an economic system shapes how wealth and resources flow within a society to support overall prosperity.