Economic system

An economic system is a man-made and malleable system to regulate the production, resource allocation, exchange, and distribution of goods and services in a society or a geographic area.Gregory, Paul R  and Stuart, Robert C. 2013. The global economy and its economic systems. Independence, KY: Cengage Learning, 21-47. 

Trade, money, markets, banks, laws and regulations are all part of an economic system. Examples of economic systems include:

Market economy, where prices are decided by supply and demand.
Socialism \communism, any of the economic ideologies in which the national government owns and manages all or most of the means of production. Most famous is Marxist-Leninism.
Corporatism, where big box corporations hold great influence over the country's economic policies, usually through lobbying.
Laissez-Faire capitalism - Capitalism with very little, if any, state intervention. Also called free market.
barter - economic system common in tribal societies.

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