5. What is an economic system?

An economic system, or economic order, is a system of production, resource allocation and distribution of goods and services within a society or a given geographic area.

Explanation:

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An economic system is a means by which societies or governments organize and distribute available resources, services, and goods across a geographic region or country. Economic systems regulate the factors of production, including land, capital, labor, and physical resources. An economic system encompasses many institutions, agencies, entities, decision-making processes, and patterns of consumption that comprise the economic structure of a given community.

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