“Economic system: The part of the social system composed of institutions and customs related to the production, distribution, and consumption of goods and services. Important characteristics of an economic system are the property rules and the degree of economic planning: examples are traditional, capitalist, socialist, and mixed systems.”
Excerpted from: Black, John, Nigar Hashimzade, and Gareth Miles. Oxford Dictionary of Economics. New York: Oxford University Press, 2012.
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