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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Verizon to double early-termination fees
Wed, 06 Jan 2010 19:06:04 -0000
Verizon Communications Inc., which is rolling out FiOS TV and Internet services in Philadelphia, is poised to double its early-termination fee for new TV and Internet subscribers to $360, according to corporate documents.
Medical board sues test-preparation firm
Wed, 06 Jan 2010 15:09:26 -0000
The Philadelphia-based American Board of Internal Medicine announced yesterday that it has filed a suit against a North Jersey company that provided test preparation for doctors.
Phila.-area ports are the East Coast fruit hub
Wed, 06 Jan 2010 14:18:19 -0000
The annual "winter" fruit is here. Though the temperature outside is frigid, the air aboard the CSAV Ice Runner, a South American steamship from Chile, wafts up summer breezes and sunshine.
Kraft sweetens bid for Cadbury
Wed, 06 Jan 2010 08:02:17 -0000
LONDON - Kraft Foods Inc.'s hostile bid for Cadbury P.L.C. grew more contentious yesterday as Warren Buffett's Berkshire Hathaway sternly warned against the deal, even as Kraft sweetened its offer.
Table-games bill set for final passage in House today
Wed, 06 Jan 2010 08:02:12 -0000
HARRISBURG - The state Senate last night approved long-awaited legislation legalizing table games at slots parlors, clearing the way for final passage in the House today.
Bad year for auto sales ends with momentum
Wed, 06 Jan 2010 08:02:10 -0000
DETROIT - Big automakers are glad to see the end of 2009, the worst year for U.S. sales in nearly three decades.

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