What are the function of an economic system

The four main functions of an economic system are,

a). Production: This is concerned with hat goods and services will be produced in the economy.

b). Allocation: This is concerned with how these goods will be produced, that is using labor intensive technology or capital incentive technology.

c). Distribution: This is concerned with whom the goods are produced, that is how the share of the economic pie will be distributed.

d). Regeneration: This function is concerned with allocating resources between consumption for present use and investment for future use.