The economic system is a system used by a country to allocate its resources both to individuals and organizations in that country. The basic difference between an economic system and other economic systems is how the system regulates the factors of production. In some systems, an individual may own all the factors of production. While in other systems, all these factors are held by the government. Most economic systems in the world fall somewhere between these two extremes. Apart from factors of production, economic systems can also be distinguished by the way they regulate production and allocation.
The following are the opinions of experts who define the meaning of the economic system, namely as follows:
- according to the opinion of Gilarso (1992: 486), the understanding of the economic system is the overall procedure for coordinating the behavior of the community (producers, consumers, governments, banks, and so on) in carrying out economic activities (production, distribution, consumption, investment, and so on) so that a single entity is formed. orderly and dynamic, and chaos can be avoided.
- according to Gregory Grossman and M. ManuThe definition of an economic system is a set of components or elements consisting of economic units and agents, as well as economic institutions that are not only interconnected and interacting but also to a certain extent mutually support and influence.
- Understanding the economic system according to McEachern is a set of mechanisms and institutions to answer the questions of what, how, and for whom goods and services are produced (what, how, and for whom).
- according to Chester A Bermand, understanding the economic system is an integrated unit that is cholestic in which there are parts and each part has its own characteristics and boundaries.
- Understanding the economic system according to Dumatry (1996) is a system that regulates and intertwines economic relations between human beings with a set of institutions in a resilience.
- Putong.Iskandar, Introduction to Micro and Macroeconomics:Ghalia Indonesia, 2003
- Sukirno, Sadono, Introduction to Economic Theory, Rajawali Press, 2002
- http://myilmu Lintas Hukum.blogspot.co.id/2015/09/ Ekonomi.html
- http://myilmu Lintas Hukum.blogspot.co.id/2015/12/problematika-ekonomi.html
- Griffin R and Ronald Elbert. 2006. Business. New Jersey: Pearson Education