What is country's system of economy called?

A country's system of economy is typically referred to as its economic system, which can be classified into several types, such as capitalism, socialism, or a mixed economy. Capitalism emphasizes private ownership and free markets, while socialism focuses on collective ownership and government control of resources. Mixed economies combine elements of both systems to balance individual entrepreneurial freedom with social welfare considerations. Each country's economic system influences its policies, production methods, and distribution of resources.