economic system vs economy

economic system and economy both are nouns.

Word	Noun	Adjective	Verb	Adverb
economic system	Yes	No	No	No
economy	Yes	No	No	No

As nouns, economic system and economy are synonyms defined as:

economic system and economy: the system of production and distribution and consumption

economic system (noun)	economy (noun)
the system of production and distribution and consumption	an act of economizing; reduction in cost
	frugality in the expenditure of money or resources
	the efficient use of resources
	the system of production and distribution and consumption