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# Economic System Operation

## Definition

The actual functioning and practical implementation of economic arrangements, including the day-to-day processes through which economic activity is conducted, resources are allocated, and the objectives of political economy are pursued through concrete mechanisms and practices.

## Source Chapter

Book IV, Chapter 0

## Context

Smith's intention to explain both systems fully and distinctly implies the importance of understanding how different economic arrangements actually operate in practice.

## Economic Domain

General Theory

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