Because it is challenging to execute a control experiment in an economic system, the use of theory and observation is more challenging in economics than it is in sciences like physics. Therefore, economists frequently collect information from past instances of economic change to contradict their theories.
An economic system is a mechanism used by communities or governments to coordinate and distribute resources, services, and goods throughout a territory or nation. The factors of production, such as land, capital, labor, and physical resources, are governed by economic systems.
A system of production, resource allocation, and distribution of products and services within a community or specific geographic area is known as an economic system or economic order.
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