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An economic system, or economic order, is a system of production, resource allocation and distribution of goods and services within a society. It includes the combination of the various institutions, agencies, entities, decision-making processes, and patterns of consumption that comprise the economic structure of a given community. An economic system is a type of social system. The mode of production is a related concept. All economic systems must confront and solve the four fundamental economic problems: What kinds and quantities of goods shall be produced: This fundamental economic problem is anchored on the theory of pricing. The theory of pricing, in this context, has to do with the economic decision-making between the production of capital goods and consumer goods in the economy in the face of scarce resources. In this regard, the critical evaluation of the needs of the society based on population distribution in terms of age, sex, occupation, and geography is very pertinent. How goods shall be produced: The fundamental problem of how goods shall be produced is largely hinged on the least-cost method of production to be adopted as gainfully peculiar to the economically decided goods and services to be produced. On a broad note, the possible production method includes labor-intensive and capital-intensive methods. How the output will be distributed: Production is said to be completed when the goods get to the final consumers. This fundamental problem of how the output will be distributed seeks to identify the best possible medium through which bottlenecks and the clogs in the wheel of the chain of economic resources distributions can reduce to the barest minimum and optimize consumers' satisfaction. When to produce: Consumer satisfaction is partly a function of seasonal analysis as the forces of demand and supply have a lot to do with time. This fundamental economic problem requires an intensive study of time dynamics and seasonal variation vis-a-vis the satisfaction of consumers' needs. It is noteworthy to state that solutions to these fundamental problems can be determined by the type of economic system. The study of economic systems includes how these various agencies and institutions are linked to one another, how information flows between them, and the social relations within the system (including property rights and the structure of management). The analysis of economic systems traditionally focused on the dichotomies and comparisons between market economies and planned economies and on the distinctions between capitalism and socialism. Subsequently, the categorization of economic systems expanded to include other topics and models that do not conform to the traditional dichotomy. Today the dominant form of economic organization at the world level is based on market-oriented mixed economies. An economic system can be considered a part of the social system and hierarchically equal to the law system, political system, cultural and so on. There is often a strong correlation between certain ideologies, political systems and certain economic systems (for example, consider the meanings of the term "communism"). Many economic systems overlap each other in various areas (for example, the term "mixed economy" can be argued to include elements from various systems). There are also various mutually exclusive hierarchical categorizations. List of economic systems Anarchy Capitalism Colonialism Communism Corporatism Dirigisme Distributism Feudalism Hydraulic despotism Inclusive democracy Market economy Mercantilism Mutualism National syndicalism Network economy Non-property system Palace economy Participatory economy Potlatch Progressive utilization theory (PROUTist economy) Proprietism Resource-based economy Social Credit Socialism Statism Workers' self-management Academic field of study Economic systems is the category in the Journal of Economic Literature classification codes that includes the study of such systems. One field that cuts across them is comparative economic systems, which includes the study of the following aspects of different systems: Planning, coordination and reform. Productive enterprises; factor and product markets; prices; population. National income, product and expenditure; money; inflation. International trade, finance, investment and aid. Consumer economics; welfare and poverty. Performance and prospects. Natural resources; energy; environment; regional studies. Political economy; legal institutions; property rights. Main types Capitalism Capitalism generally features the private ownership of the means of production (capital) and a market economy for coordination. Corporate capitalism refers to a capitalist marketplace characterized by the dominance of hierarchical, bureaucratic corporations. Mercantilism was the dominant model in Western Europe from the 16th to 18th century. This encouraged imperialism and colonialism until economic and political changes resulted in global decolonization. Modern capitalism has favored free trade to take advantage of increased efficiency due to national comparative advantage and economies of scale in a larger, more universal market. Some critics have applied the term neo-colonialism to the power imbalance between multi-national corporations operating in a free market vs. seemingly impoverished people in developing countries. Mixed economy There is no precise definition of a "mixed economy". Theoretically, it may refer to an economic system that combines one of three characteristics: public and private ownership of industry, market-based allocation with economic planning, or free markets with state interventionism. In practice, "mixed economy" generally refers to market economies with substantial state interventionism and/or sizable public sector alongside a dominant private sector. Actually, mixed economies gravitate more heavily to one end of the spectrum. Notable economic models and theories that have been described as a "mixed economy" include the following: Georgism – socialized rents on land Mixed economy (It can be categorized under many titles) American School Dirigisme (Government-directed capitalist economy) Indicative planning, also known as a planned market economy Japanese system Nordic model (Social democrat economics of Nordic countries) Progressive utilization theory Corporatism (economies based on tripartite negotiation between labor, capital, and the state) Social market economy, also known as Soziale Marktwirtschaft (Mixed capitalist) New Economic Policy (Mixed socialist) State capitalism (Government-dominated capitalist economy) Socialist Market Economy (Mixed socialist) Socialist economy Socialist economic systems (all of which feature social ownership of the means of production) can be subdivided by their coordinating mechanism (planning and markets) into planned socialist and market socialist systems. Additionally, socialism can be divided based on their property structures bet.... Discover the David W Conklin popular books. Find the top 100 most popular David W Conklin books.