An economic system is a mechanism (social institution) which deals with the production, distribution and consumption of goods and services in a particular society.

The economic system is composed of people, institutions and their relationships. It addresses the problems of economics, like the allocation and scarcity of resources.

The division of economic systems

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NPR Topics: Business

Space Company Hopes To Cut Cost Of Launches
Thu, 07 Aug 2008 16:44:00 -0400
A private company called SpaceX has failed three times to reach orbit with one of its rockets. But the company says it's learning from its failures and still hopes to radically decrease the cost of putting objects in space.
8-8-08, A Lucky Day For Weddings
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The lucky number eight means wealth and prosperity to Asians who observe Chinese numerology. So when the Chinese government was scheduling the start of the Olympics, they chose the most auspicious time of all: 8-8-08 at 8:08:08 p.m. We visit Wayfarers Chapel, a popular wedding site in Palos Verdes, Calif., to see how they're dealing with the rush of couples.
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Federal antitrust officials are investigating allegations that three major bagged ice companies secretly agreed to divvy up customers and regional markets to keep prices up and rivals out.

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