The answer is "process by which people choose how to use limited resources in order to meet their needs".
An economic system refers to an organized way by which a nation allocates assets and appropriates products and ventures over the entire country or a given geographic zone. It is incorporates the mix of a few organizations, elements, offices, basic leadership procedures and examples of utilization that make up the financial structure of a particular network. Hence it is a kind of social framework.
An economic system characterizes how every one of the elements in an economy cooperate. Characterizing them today is considerably more complicated than it used to be.