Economic systems refer to institutions and laws in a certain country that determine the owner of economic resources as well as the ways such resources change hands between people. More so, economic systems give directions on the way resources feature in the production process for various economic services and goods. Economic systems differ from country to country. The rationale for the difference in economic systems between countries finds its basis upon the different resources and economic environments between countries. In light of the above, the content below highlights some of the distinct differences between the economic system of China and that of the United States of America.
