Free Economic Systems & Principles Essay Examples & Topics
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An economic system definition refers to a set of principles created for an efficient recourse allocation, production, and distribution of goods and services within a particular geographic area. It is a complex decision-making structure formed by multiple entities and institutions. Its key aim is to ensure a smooth flow of consumption and production patterns within a society.
Economic systems play a crucial role for the counties and governments. They control five factors of production: capital, labor, entrepreneurship, information resources, and land. For ordinary citizens of a country, the given factors are essential since they influence economic growth. Thus, the employment rates, availability of goods and services, and salary rates depend on this system.
In your economic system essay, you can discuss how these systems operate across countries and even historical periods. Our experts have come up with tips for writing this paper. Also, you will discover the main types of economic systems and see free samples.
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:
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.
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.
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.
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.
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.
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.
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.
709 Best Essay Examples on Economic Systems & Principles
Before one starts a business there is need to investigate whether there is a sustainable market for the goods or services that one wants to offer by assessing the consumers of your products, how many [...]
The discovery of new forms of communication led to the information revolution in the second era of globalization. According to Friedman, the world has become flat in the new era of globalization.
The prices are not arrived at through the forces of demand and supply but by the structures of the government."The agencies govern the prices they charge, the terms of their services to consumers, their budgets [...]
Consequently, not only is economic development a prerequisite to success in tourism in countries that supply the visitors, but it also matters in the host country.
By the mere fact that the suppliers are very few, actions of one of the suppliers in the market are largely expected to affect the actions of other suppliers.
Causes of Nigeria's Economic Crisis Consumers, producers, and efficiency of the market The decline in Nigeria's economic growth can be attributed to market shortages of its petroleum products especially Kerosene and diesel.
And finally, the writer gives a case study of the US as a country practicing open economy and free trade and describes the US international political economy over the years.
It is, therefore, the duty of the managers to choose the theory that best fits their organization and that which contributes to organizational success. The theory was meant to increase the level of production in [...]
In addition, the report also analyses the main forces that determine the attractiveness of a fitness industry or otherwise the industrial economic perspective of the fitness industry.
Capitalism Marx attributes the emergence of the capitalist system to the historical advancement of the material aspect of the society. Capitalism rose as the new mode of production after the emergence of government control and [...]
As to the philosophy division, Karl Marx based his exploration on the dialectical theory of Hegel, and with the abandonment of the idealistic views, introduced the theory of materialism.
Besides, this time was the period of the close attention of the sociologists to the bourgeois society and the development of capitalism."The debate over the relationship between Marx's political economy and Max Weber's interpretative sociology, [...]
At the present moment, the most common source of energy that is used in the world is electricity. In 2010, violent protests emerged in several parts of the nation, especially major cities of Pakistan in [...]
Different factors have led to the high levels of youth unemployment, with the most widely studied of them being the skills that are available to the unemployed youths.
The pursuit of service economy, which dictates the specialization in the service industries, is one of the newest economic concepts that ensure the realization of the economic growth.
Scarcity of Resources The complexity of economics arises as a result of the unlimited wants and needs of human beings that are sought to be satisfied by the limited resources in existence.
In this system, the government manages the overall means of production but the members have the duty of choosing the best setting for the production, the amount to produce and which product should be produced.
However, this aspect is different in various nations due to policy differential and the level of compliance with the law. Hence, a country's level of economic development is affected by political and legal decisions.
Sustainable economic development entails the ability of the present human beings to meet their needs with the available resources without trashing the ability of the future generations from doing the same.
Appearing in last Sunday's edition of New York Times, the article "Living on Minimum Wage" illustrates a picture of an American economy which is in the recovery phase in the business cycle.
With the ever-changing dynamics of the business world, the government has assumed a senior role in protecting businesses and influencing the economy in an array of ways.
Its main idea is based on the discussion of capitalism characteristics and its impact on the modern economy. On the other hand, inequality provokes controversies and questions the effectiveness of capitalism.
It is paramount to note that despite the recovery that is being recorded in various sectors of the American economy, the figures are still very low compared to the drop that took place. The policy [...]
In response to the economic crisis, Dubai, Abu Dhabi, and Dubai World struggled consistently to alleviate the impact of global financial crisis, which affected many of its robust sectors of the economy.
The author of this literature was found to be George Allen & Unwin, eminent economists, who appealed to the economists in the country against the school of imperialism opted by Great Britain in the early [...]
It is mainly comprised of individuals whose jobs and businesses are based on services that are currently provided by peers to each other within the sharing economy.
MNCs contribute to the improvement of economies of the emerging states in different ways. MNCs also contribute to the improvement of social and development needs of the developing nations.
Finally, the impact of technology especially in a soft drink company such as Coca Cola has been crucial to both its consumers and their trading partners.
It is important to focus on the interdependence of societies and companies because the effective strategy or framework related to corporate social responsibility can improve the organization's competitiveness.
It discusses the nature and characteristics of Britain's capitalism by outlining its history and how the principal city, London, plays a critical role in the spread of capitalism.
The purpose of this report is to prepare a country report of India in order to assess the business environment of this country and to provide the CEO with important information for making a decision [...]
This includes the potential of the targeted market in terms of business opportunities and the political ideologies help by people in the targeted market.
Japan is one of the largest economies in the world in terms of production of goods. This view is taken from the assessment of the Japanese economy in the year 2011 by the Bank of [...]
Therefore, International development mainly focuses on the one goal that seems to be a problem in the third world countries like those in Africa, this is poverty, their main duty is to ensure that the [...]
The function of regression analysis is thus to establish a relationship between the variables using information available about the explanatory variable, and predict values of the dependent variable for decision making. In this case, the [...]
The decision by the International Monetary Fund and the World Bank in 1996 to cancel the debts of 26 heavily indebted poor countries that were undertaking reforms outlined, under the HIPC initiative, to decrease their [...]
According to studies by Bailey, poor planning by policy makers in many governments of the poor countries, is one of the most significant factors affecting the level of poverty of the governments and the level [...]
The bargaining party with the most leverage stands to gain a 75% advantage from the negotiations if they choose to commit to a strategy in a "game of chicken".
The dual track price system can also be viewed as the intermediary price system which can be found between the free market and control of the price by the State.
Therefore it would be prudent to note that being the key element of Canada's economy, this industry needs to be further strengthened to meet the demands that may arise in the future due to the [...]
The influence that organizations in an oligopoly market structure have is very similar to the influence of a monopoly organization because the few organizations in oligopoly have full influence on prices. In an oligopoly market [...]
GDP per Capita The GDP of the two countries when compared according to the purchasing power parity of the population is relatively the similar; Canada's statistics stood at USD39, 900 while that of Australia was [...]
On the other hand, market equilibrium is attained at the point of contact between the equilibrium quantity on offer and the equilibrium price in the market.
In the market, the forces of demand and supply determine the prices of goods and services. In this regard, there are various assumptions made in relation to the law of demand for the establishment of [...]
The failure of large businesses, decrease in consumers' wealth and demand, and a considerable decline of economic activities also led to the social, cultural, and moral crisis due to the rise of unemployment.
Joseph Stiglitz's book Making Globalization Work is the representation of the author's opinion on the question of globalization in the context of the economic and political development of countries with determining globalization's main challenges and [...]
One of the reasons for this is that, unlike what it happened to be the case with Classic Liberalism; Neo-Liberalism refuses to refer to the notion of freedom as an abstract category, which represents the [...]
On the other hand, the government is concerned with further sustainability and profitability of the facilities because of the challenges posed by economic development.
The trend of economic growth of the country has changed over the years depending on the government in power. The inflation rate of the country is still high thus affecting the purchasing power of the [...]
On the other hand, justifies the development of cultural capital by the common observation of the characteristics of capital assets in numerous cultural phenomena such as heritage buildings and works of art.
Soros asserts that whereas the U.S.subprime mortgage market is believed to have prompted the current financial crisis, the basis of the crisis derived from the flawed practices and institutions of the current financial system.
The competitive of the marketplace is very beneficial to the public in that it ensures that the very scarce resources are made available to the public in their highest values.
Moore's movie provides a clear answer for that; in America, which is considered one of the wealthiest nations in the world, 1% of the population own 95% of country's resources.
Considering that the factors of production are scarce what is the combination of the factors of production to use? The business owner gets to sell the products of a known brand in the market.
The primary goal of public procurement is to "obtain the right goods, capital assets or services...in the right quantity, for delivery at the right time to the right place, from the right source...with the right [...]
A similar search of the origin of the Getwear products that the researcher outlined in the list above indicates that most of Getwear products do not originate from Scotland, which is the headquarter of the [...]
Therefore, according to Adam Smith's understanding, capitalism is a system that encompasses the following sets of behavior: "market which is characterized by commodity production"; "private possession of factors of production"; "large section of population that [...]
After eating the third mango, the total utility becomes 45, where the additional utility value of 10 is a marginal utility which is an addition to the total utility.
In this section, the main point is that the government has a lot of influence on the national economy, and sometimes, market failure can be attributed to government failures.
Currently, corporations are recognizing the economic importance of investing in their employees because the ability to stay on top of the economy lies in the efforts of developing and retaining their people in the organization.
On the other hand, if the prices of goods and services in the international market are higher than the prices in the domestic market, the country will opt to sell its commodities in the international [...]
The main purpose of this section is to elucidate the internal strengths and weaknesses of the FIFA World Cup event which, in the view of the Brazil bidding board, could substantially influence the trajectory and [...]
However, the changes in the market wage rate impacts the individual in two ways; an increase or decrease in the income and a shift from one activity to the other.
On the other hand, international economics is concerned on the effects of international differences on economics in relation to productivity and consumer preferences.
Some of these problems can be related to the formulation of bad policies of governance by the federal government and the ignorance of the people of the United States of America and the overwhelming global [...]
The next chapter 14 reveals the issue of cultural homogenization and hybridization due to globalization. From the perspective of the biblical worldview, it largely determines the principles of the world.
In his article Some Considerations of the Consequences of the Lowering of Interest and the Raising of Value of Money, John Locke outlines the main theoretical provisions of what later became known as the amonetary' [...]
Also, the theory shifts away from evaluating the value of labor in terms of the wages paid to workers and labor-time involved in production to the determination of the quantity of labor input in the [...]
Recession is the pronounced and persistent decline in the key elements that measure the level of aggregate economy. On the other hand, expansion means pervasive and persistent increase in the core elements that asses the [...]
This can be viewed to be an increase in the efficiency of the market since the market is able to sustain itself and both producers and consumers can rely on the market.
Additionally, the founding of the Americas in the 16th century paved the way for the development of new products resulting in the creation of new markets for both primary and manufactured goods on the scale [...]
Thus, macroeconomics can be divided into two major areas of research: one related to the study of short-term behavior of a product, which is Short-term macroeconomics; and another related to the performance of the product [...]
In his book The Wealth of Nations, Adam Smith makes several important claims about the functioning of economic and tries to explain the welfare of the society can be improved.
In addition, the paper discusses the sources of the economic growth data and the formula the country uses for making calculations of its various economic indicators like the GDP.
Given the size of the population, the GDP, and the size of the land, one is justified to argue that land and buildings are the most significant sources of the state's wealth and economy.
FDI is a critical economic catalyst and it improves the domestic economy by providing stimulation for domestic investment, increasing the productivity that is derived from human capital, and facilitating the transfer of technology between nations [...]
More light is shed on the experiences of the 1990s, and the changes and reaffirmation made on the mainstream overviews of the period, as expressed in the East Asian miracle.
The research focuses on the discussion of the effects of the budget-less economic uncertainty. Hilton emphasises that the sales department failed to fill the 10,000 units paid by the clients because the marketing department did [...]
Bianco explained that one of the reasons that caused the crisis was the escalated increase in the housing value. This was followed by a drastic fall in the value and prices of houses.
The rapid growth of cities in the face of the modern-day urbanisation has also created awareness in the threats that the change poses to the environment.
This growth was associated with "inflow of investments, improvements in technology, increases in education, a ready supply of labor as people moved from the countryside to the cities to work in factories, and reduced restrictions [...]
Ascertaining the influence of economic growth in health care is necessary for policy makers since such an intimate understanding of the relationship between economic growth and population health will enable them to formulate astute policies [...]
The Colosseum and the Leaning Tower of Pisa are examples of the global's most known structures in Italy. Some of the Hofstede cultural aspects in Italy include individualism and power distance.
The video and the articles analyzed in the paper allow for a comprehensive understanding of current issues, with the increasing income inequality that undermines the virtues of capitalism being the major challenge.
Then, the author shifts to explaining the importance of the existence of a strong and abundantly represented in the society middle class layer as it is a foundation for all the democratic values in the [...]
In speaking of India, the noneconomic environment is the one affecting the development of international business ties the most. It can be a good motivator for foreign investors because the greater the supply of labor [...]
Looking from a broad historical perspective, Niall Ferguson devotes the chapter "Save as Houses" to the observation of the real estate concept transformation, describes the place of the real estate market in the economic systems [...]
For developed countries in the Northern hemisphere, the traditional economy is a thing of the past whereas, for developing countries, it is something to enhance and overcome on the way towards a free market.
The new concept acknowledged the presence of growth potentials in the capitalist sector and low wages in the subsistence sector because of an excessive supply of labor.
In the case of a free-market economy, resources are allocated by the forces of demand and supply. In a free-market economy, the price mechanism ensures that all aspects of the economy are in balance.
This means that a wealthy nation will reduce the greater volume of output than developing the nation in an attempt to increase the level of clean air and water.
Since the introduction of the PFI into the British governance system and in some countries in the Middle East and North Africa, several changes have occurred in the provision of public services and in the [...]
In Islamic business, currency notes and debt certificates in exchange of homogeneous currencies are not valid subjects of sale as they represent purchasing powers with respect to the different denominations they are in.
The causes of failure of saudization include lack of appreciation of the private sector jobs by the Saudis, low wages, abrupt introduction of the aspect, and preference of the foreign workforce by the private sector [...]
Decisions made by households and the firms in the allocation of limited resources normally comprise the majority of microeconomic policies. In the pursuit to create an all-round economy, different nations and territories have come up [...]
By citing a research that compared the effects of tax cuts to the effects of increased social security, the author argues that the effects of fiscal policy cannot be analyzed in isolation from the decisions [...]
For instance, the developing nations are in a position to supplement their food products and the much needed nutritional value. On the other hand, this initiative may impede the quality of local products due to [...]
