Final answer:
An economic system is best defined as an organized scheme for producing and distributing goods in a society, dealing with scarcity, and answering key economic questions.
Step-by-step explanation:
The best definition of an economic system is option 3) an organized scheme for producing and distributing goods in a society. An economic system encompasses a society's way of managing its resources, goods, and services, influenced by factors like economic freedom, efficiency, and whether the economy is centrally planned or market-oriented. It must deal with scarcity, answering fundamental questions like "what to produce?", "how to produce?", and "for whom to produce?". Capitalism and socialism represent two major types of economic systems where the former is driven by private ownership and market forces while the latter involves government planning and collective ownership. Globalization has led to economies becoming increasingly interconnected, further shaping how economic systems operate.