System, Economic system

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Summary

A system is a set of interacting or interdependent components forming an integrated whole or a set of elements (often called 'components' ) and relationships which are different from relationships of the set or its elements to other elements or sets.

Details

An economic system is a mechanism (social institution) which deals with the production, distribution and consumption of goods and services in a particular society. The economic system is composed of people, institutions and their relationships to resources, such as the convention of property. It addresses the problems of economics, like the allocation and scarcity of resources.

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External Links

  • WikipediaDefinitions of Systems and ModelsPublications with the title "System" (1600–2008)Definitionen von "System" (1572–2002)

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