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An economic system refers to the way a nation ____________________________.
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GPT-4 Turbo
An economic system refers to the way a nation organizes and structures its economic activities, including the production, distribution, and consumption of goods and services. It encompasses the policies, institutions, and mechanisms by which resources are allocated and decisions about economic activities are made. Different economic systems, such as capitalism, socialism, or a mixed economy, reflect varying degrees of government intervention and market freedom.
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