Free Economic Systems & Principles Essay Examples & Topics

Key Types of Economic Systems

There are many facts about economic systems that you should learn before writing a paper on this subject. But first and foremost, you need to distinguish between their types. See what kinds you can explore in your essay on the economic system:

• Traditional economic system.

The traditional economic system is the oldest one. It primarily relies on people, their customs and basic needs. In other words, the community produces and distributes only the goods and services that individuals require at the given moment. Sometimes, people even prefer bartering rather than paying with money. Thus, there is a meager chance to generate a surplus, which makes the system highly sustainable.

• Pure market economic system.

This system is characterized by the separation of the economy from the government. Authorities have little control over resource allocation, production, and distribution. However, a pure market economic system does not exist in the real world. The central authority will always interfere with the economy and enact regulations for fair trade, monopolies, oligopolies, etc.

• Pure command economic system.

In a command economic system, the government plays a leading role in controlling the business processes that occur in a country. In an ideal case scenario, the central authority should focus on the population’s fundamental interests. It would make this system better for society. Yet, the governments often fail to determine the consumers’ significant needs. It leads to a slow reaction to changes and economic crises.

• Mixed economic system.

The last system here is a combination of two or more practices. Most commonly, a mixed economy includes the elements of command and market ones. In this case, the market is free from national ownership. Yet, the government takes control over the significant production branches, like oil and transportation. The main advantage of the mixed economy is that it allows private enterprises to operate more effectively and reduce production costs.

How to Write an Economy System Essay

Assigned to write an economic systems essay for high school or college? You are most likely to be composing an argumentative or persuasive paper. In this case, you have to follow specific rules and a 5-paragraph structure.

Let’s consider them in detail:

1. Pick or develop a topic.

It is the most crucial part of your writing process. Find or come up with a topic that corresponds to the assignment and interests you. Make sure that your idea is neither too narrow nor too broad.

Some of the possible examples might be:

• Capitalism vs. socialism: a comparative economic analysis.
• Economic systems in Islamic cultures, their strong and weak sides.
• The impact of COVID-19 on the global economy.

1. Research it and collect sources.

Once you’ve decided on your topic, start your research. Check several sources and pick the best ones for citing in your paper. Ideally, these should be academic journals, peer-reviewed articles, official websites of governmental organizations, etc.

1. Come up with a thesis statement.

Your thesis statement will guide the readers throughout your entire paper. Compose a concise sentence that would clearly reflect the message of your essay.

For example, you chose the topic “The impact of COVID-19 on the global economy.” In this case, the thesis statement might be the following:

The rapid spreading of the COVID-19 disease has an adverse effect on multiple economic dimensions: global trade, unemployment, and inflation.

If you struggle to formulate your message, try our thesis statement generator.

1. Formulate a catchy hook.

To grab your readers’ attention from the first sentence, come up with a catchy hook. You can start your essay with a meaningful quote or a personal story related to the topic. Another option would be to present interesting statistics or exciting facts.

Let’s take a look at the possible example of the hook for the topic “The impact of COVID-19 on the global economy:”

The Coronavirus pandemic harms both: human health and global economic health. The World Health Organization announced that a viral outbreak of COVD-19 reached the pandemic level. Since then, the global economy has lost $90 trillion. The world has not experienced such a financial scarcity in nearly a century.

1. Introduce your topic.

Compose a dynamic introduction. It should include a hook, a general background of the chosen topic, and a thesis statement. The best way to structure the introduction is to put your thesis statement as the last sentence of the paragraph.

1. Provide your points in the body.

The essay body should have several paragraphs, each one for a specific point. Sate the problem in the topic sentence. Briefly elaborate on your argument in a sentence or two. Finally, provide supporting evidence from the sources. Apply the same structure to each body paragraph.

1. Conclude your paper.

In your conclusion, summarize all the key points and restate your thesis. Never include any additional arguments or examples – it will only confuse your readers. Finish your essay with a final memorable thought. Or motivate the audience to investigate the topic further.

Thank you for reading our article! Below you will find economic system essay examples. They can help you a lot with the understanding of our advice.