Economic Systems The definition of an Economic System is the way in which a nation or state organizes and distributes its resources and allots services and goods into society (Business Dictionary.com, 2009). In every culture, the economic systems at work have a major effect on the way the inhabitants live, work, and use their own resources. There are three main types of economic systems, market, planned, and mixed. The present American economy came from the foundation of our national history and was nurtured in Williamsburg and Boston with furious opposition to keep England from interfering in the business of the US colonies economy. Adam Smith's "The Wealth of Nations" that he published in 1776 became a sort of guidebook for the market economic system (Stanley St Labs, 2009). He posed the idea that within a free-market economy; prices are set by the current market, which leads citizens to work for their own best interests, the best interests of the economy, and of their nation. Government has a small function in the market economy, keeping the market stable being their only task......

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