Table of Contents
Definition of Economic System
(noun) How goods and services are provided within a society to meet needs and wants.
Example of Economic System
- The United States operates under a capitalistic economic system.
Types of Economic System
Economic System Pronunciation
Syllabification: ec·o·nom·ic sys·tem
Audio Pronunciation
Phonetic Spelling
- American English – /ek-uh-nAHm-ik sIs-tuhm/
- British English – /e-kuh-nOm-ik sIs-tim/
International Phonetic Alphabet
- American English – /ˌɛkəˈnɑmɪk ˈsɪstəm/
- British English – /ˌiːkəˈnɒmɪk ˈsɪstɪm/
Usage Note
- Plural: economic systems
Related Quotations
- “The development of agriculture about 5,000 years ago brought change to [society]. Agriculture emerged as people harnessed animals to ploughs, increasing the productive power of hunting and gathering more than tenfold. The resulting surplus freed some people in society from the demands of food production. Individuals began to adopt specialised economic roles: forging crafts, designing tools, raising animals and constructing dwellings. A division of labour started to become more and more important as size increased” (Macionis and Plummer 2012:464)
- “The educational system helps integrate youth into the economic system, we believe, through a structural correspondence between its social relations and those of production. The structure of social relations in education not only inures the student to the discipline of the workplace, but develops the types of personal demeanour, modes of self-presentation, self-image, and social-class identification which are the crucial ingredients of job adequacy. Specifically, the social relationships of education – the relationships between administrators and teachers, teachers and students, students and students, and students and their work – replicate the hierarchical division of labour” (Bowles and Gintis 1976:131).
Related Video
Additional Information
- Economic Sociology Resources – Books, Journals, and Helpful Links
- Word origin of “economic” and “system” – Online Etymology Dictionary: etymonline.com
Related Terms:
- allocation of resources
- distribution
- division of labor
- market economy
- market exchange
- production
- reciprocal exchange
- redistribution
- society
- subsistence economy
- technology
References
Bowles, Samuel, and Herbert Gintis. [2011] 1976. Schooling in Capitalist America. London: Routledge & Paul Kegan.
Macionis, John, and Kenneth Plummer. 2012. Sociology: A Global Introduction. 4th ed. Harlow, England: Pearson Education.
Works Consulted
Ferrante, Joan. 2011. Seeing Sociology: An Introduction. Belmont, CA: Wadsworth.
Scott, John, and Gordon Marshall. 2005. A Dictionary of Sociology. New York: Oxford University Press.
Thompson, William E., and Joseph V. Hickey. 2012. Society in Focus: An Introduction to Sociology. 7th ed. Boston: Allyn & Bacon.
Turner, Bryan S., ed. 2006. The Cambridge Dictionary of Sociology. Cambridge: Cambridge University Press.
Wikipedia contributors. (N.d.) Wikipedia, The Free Encyclopedia. Wikimedia Foundation. (https://en.wikipedia.org/).
Wikipedia contributors. (N.d.) Wiktionary, The Free Dictionary. Wikimedia Foundation. (http://en.wiktionary.org).
Cite the Definition of Economic System
ASA – American Sociological Association (5th edition)
Bell, Kenton, ed. 2014. “economic system.” In Open Education Sociology Dictionary. Retrieved September 14, 2024 (https://sociologydictionary.org/economic-system/).
APA – American Psychological Association (6th edition)
economic system. (2014). In K. Bell (Ed.), Open education sociology dictionary. Retrieved from https://sociologydictionary.org/economic-system/
Chicago/Turabian: Author-Date – Chicago Manual of Style (16th edition)
Bell, Kenton, ed. 2014. “economic system.” In Open Education Sociology Dictionary. Accessed September 14, 2024. https://sociologydictionary.org/economic-system/.
MLA – Modern Language Association (7th edition)
“economic system.” Open Education Sociology Dictionary. Ed. Kenton Bell. 2014. Web. 14 Sep. 2024. <https://sociologydictionary.org/economic-system/>.