An economic system is a set of interrelated institutions and behaviour patterns that guide the production, distribution and consumption of goods and services within a society. It is responsible for allocating limited resources among competing interests, as well as regulating the behavior of economic actors within the society. By shaping economic behaviour and outcomes, an economic system can determine the wealth and prosperity of individuals and countries. Economic systems vary greatly in the degree to which decisions are made by the state, collective action, or the markets. Decentralized market approaches to economic systems, such as in capitalist economies, emphasize individual decisions concerning how resources are allocated and utilized.

See also: political economy, ecological economics, economic growth, financial system, neoclassical economics