Definition of economic system:
(N) :
An economic system, or economic order,Daniel J. Cantor, Juliet B. Schor, Tunnel Vision: Labor, the World Economy, and Central America, End Press, 1987, p. 21: "By economic system or economic order, we mean the principles, laws, institutions, and understandings business is conducted." is a system of production, resource allocation and distribution of goods and services within a society.