The institution that organizes the production,distribution,and exchange of goods and services is the political system.

Political System

The structure through which a society organizes and governs itself, including institutions, political parties, and governing bodies.

Production

The process of creating, manufacturing, or generating goods and services.

Goods and Services

Goods and services are the outputs of economic activity: goods are physical items that can be purchased, while services are activities performed by others for a fee.