Among others, there are seven criteria in determining the best economic system. Abundance.
There is abundance when the members of the society experienced satisfaction, mass poverty was eliminated, goods and services are sufficient, no problems in food, clothing, shelter, medicine, education and in recreation. Growth. The quantitative changes in the economy signify economic growth. As earlier mentioned, economic growth is present when the society acquires greater productive capacity which can be used for consumption or investment. For example, increase in terms of the number of buildings, houses, schools, cars, hospitals, factories or machinery made in a given year. Stability. When inflation and unemployment are absent in that country then we can say that their economic system is the best because this means that their economic condition is stable. Security. When there is an assurance of not losing their jobs there follows the security. Efficiency. This simply means productivity. It occurs when the opportunity cost (the value of the next best opportunity to a good or to some activity) of some specific amounts of goods is at the lowest possible value and when maximum production from given sources and cost is achieved. Justice and equity. It is clearly seen when there is fair distribution of income and power among the members of the society. These can be proven when there is sufficient opportunity for job seekers and people had improved their social and economic conditions. Economic freedom. When consumers are free to choose their food, style of house, education, recreation and etc. then we can say that there is economic freedom. Businessmen are free to invest their money, however this freedom is construed not to violate legal and moral values.