Want to say economic system differently? Here are other words for economic system and its similar synonyms and opposite words to say in unique way.
Meaning of economic system
The primary meaning of "economic system" refers to the way in which a society organizes its economy, or the system of production, distribution, and exchange of goods and services.
Etymology of economic system
The term "economic system" originated from the Greek words "oikos" (house) and "nomos" (law or management), referring to the management of household resources
The concept of an economic system emerged during the Enlightenment period, as thinkers such as Adam Smith and Karl Marx began to analyze the ways in which societies organized their economies
Synonyms
economic order
economic structure
financial system
monetary system
market economy
planned economy
command economy
traditional economy
mixed economy
capitalist system
socialist system
communist system
free market
laissez-faire economy
welfare economy
industrial economy
agricultural economy
service economy
knowledge economy
digital economy
global economy
international economy
national economy
local economy
regional economy
economic model
economic framework
economic mechanism
economic institution
Definitions
- A system of production, distribution, and exchange of goods and services in a society
- * The way in which a society allocates its resources to meet the basic needs of its members
- * A network of institutions, relationships, and activities that facilitate the creation, distribution, and exchange of goods and services
Usage Examples
- The country's economic system is based on a mix of state-owned and private enterprises
- * The global economic system is facing a major crisis due to the pandemic
- * The company's economic system is designed to maximize profits while minimizing costs
Antonyms
none
disorder
chaos
anarchy
disorganization
inefficiency
ineffectiveness
wastefulness
corruption
inequality
injustice
exploitation
instability
unsustainability
stagnation
decline
collapse
failure
bankruptcy
insolvency