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

Senate Extends Jobless Benefits, Homebuyer Credit
Thu, 05 Nov 2009 06:02:00 -0500
The Senate has voted to extend unemployment insurance benefits for up to 20 weeks. The 24 billion dollar bill also expands an eight thousand dollar tax credit for first-time homebuyers. The legislation is expected to sail through the House.
Business News
Thu, 05 Nov 2009 06:00:00 -0500
Steve Inskeep has business news.
Cuomo Accuses Intel Of Antitrust Violations
Thu, 05 Nov 2009 06:00:00 -0500
Computer chip giant Intel is the target of an antitrust suit filed by New York Attorney General Andrew Cuomo. Intel commands about 80 percent of the microprocessor market. An Intel spokesman denies the charges and says the company's sales practices were legitimate.

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