ECONOMIC SYSTEM

Pronunciation (US): (GB):

Meaning:

The system of production and distribution and consumption

Synonyms:

economic system; economy

Classified under:

Nouns denoting groupings of people or objects

Hypernyms ("economic system" is a kind of...):

scheme; system (a group of independent but interrelated elements comprising a unified whole)

Meronyms (parts of "economic system"):

sector (a social group that forms part of the society or the economy)

black economy (a hidden sector of the economy where private cash transactions go unreported)

Hyponyms (each of the following is a kind of "economic system"):

industrialism (an economic system built on large industries rather than on agriculture or craftsmanship)

free enterprise; laissez-faire economy; market economy; private enterprise (an economy that relies chiefly on market forces to allocate goods and resources and to determine prices)

mixed economy (an economic system that combines private and state enterprises)

non-market economy (an economy that is not a market economy)

state capitalism (an economic system that is primarily capitalistic but there is some degree of government ownership of the means of production)

state socialism (an economic system in which the government owns most means of production but some degree of private capitalism is allowed)