An Economic System, sometimes known as an Economic Order, is a system for producing, allocating resources, and distributing products and services within a community or geographical region. It is made up of the numerous organizations, agencies, entities, decision-making processes, and consumption patterns that make up a community's economic structure.
Answer:
An economic system, also known as an economic order, is a method of producing, allocating resources, and distributing products and services within a community or geographical region.
Countries and governments allocate resources and trade commodities and services through economic systems. They are used to manage the five components of production: labor, capital, entrepreneurs, physical assets, and information assets.
------------------------
OAmalOHopeO
------------------------
