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.
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 [...]
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.
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.
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 [...]
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.
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, [...]
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 [...]
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.
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.
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.
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.
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.
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 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.
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.
In light of this definition and description, one would argue that this is the most convenient system of economic governance because individuals have the freedom to conduct business in a manner that best meets their [...]
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.
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.
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.
The first limitation of GDP as an economic welfare indicator is that it measures overall economic activity of a nation, which indirectly indicate welfare of the population.
It is a type of economy that combines elements of a free market economy with government intervention, regulation, and aspects of a planned economy, although the core of the economy itself remains capitalist.
Countries in Western Europe and Australia, and North American countries belong to the group of core countries. On the contrary, periphery countries in most of Africa, Latin America, and Eastern Europe tend to have relatively [...]
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 [...]
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 [...]
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.
Meanwhile, the thoughts of Adam Smith on the subject are not only valuable in terms of a better understanding of the issue but also comply with the principles of economics. The main principle that relates [...]
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 [...]
Neoclassical economists attribute the rise and organization of large firms to the ability of entrepreneurs to respond effectively to the dictates of the invisible hand of the competitive market.
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 [...]
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 [...]
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.
The forces that trigger such tendency and lead to the global recognition of the sharing economy are still adapting. As a business model, the sharing economy takes different forms and is characterized by unique features.
The central idea in the 'Evolution of Capitalism' is that western society is archetypical of a radical change and gradual development of the capitalist system.
Admittedly, one of the major reasons for food prices increase is the use of corns for fuel production. The increase of fuel prices created a great temptation for farmers to produce ethanol instead of corn [...]
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.
The country borders Norway to the West and Finland to the northeast. Also, Sweden has water borders with Denmark, Germany, and Poland to the south and Estonia, Latvia, Lithuania, and Russia to the east.
The development of the information technologies and the ongoing progress led to the reconsideration of the values and beliefs. It is significant to understand that there is no right or wrong answer for the question [...]
The consequences were similar in most parts of the world with the main indicators being debt crises, high unemployment rates, a reduction in the number of home ownership facilities and the demand for the same, [...]
The chief premise of the permanent income hypothesis is that people will make consumption decisions depending on what they expect to earn in the future.
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 [...]
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.
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 [...]
According to Marshall, "when demand and supply are in equilibrium, the amount of....may be called the equilibrium-amount, and the price at which it is being sold may be called the equilibrium-price".
The policies are in the form of direct or indirect government intervention through the creation of tariffs and local industry protection, among others.
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.
Entrepreneurship capital is the main factor in the neoclassical production function which is the ability of economic representatives to start new organizations.
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 [...]
The present day Denmark consist of Jutland Peninsula and Danish Isle which joined Denmark as a result of several cessions of territories of which Sweden which was part of the Danish territories but later on [...]
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 [...]
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 [...]
To begin with, negative perceptions on construction jobs among the locals in Malaysia can be blamed for the enormous number of foreign workers in this industry.
On the other hand, international economics is concerned on the effects of international differences on economics in relation to productivity and consumer preferences.
Economics is the science of outlining the consequences of some anticipated or existing policy not only on some exclusive interest in the short term but the overall interest in the long- term.
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".
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.
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.
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 [...]
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.
Another factor the author explains in a more in-depth manner in the book is the method of the comparison made in the determination of the level of economic growth.
According to the Chinese constitution, all the power of the country belongs to the people and is exercised through the local people congress and the national People's Congress.
In spite of the fact that there is the extensive critique of Keynes's theory and approach in the works which followed the publication of Keynes's book and in the modern economists' investigations, the Keynesian Revolution [...]
Background to the economic performance and development in Guatemala since colonial period The state of Guatemala is the most populous country in the Central American region, with an estimated population of about 13.
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 study of economic history of Canada involves the analysis of the prevalent economic institutions and industries. The major analytical part of the paper will concentrate on the role of settlers in developing the economy.
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.
The history of the Canadian economy is great indeed: the beginning of 1980s required changes because of the rapid growth of industrial cities and brought the crisis; the end of the 1980s was known as [...]
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.
In particular, the paper focused on the effect of the decline in economic growth rate in 2012 and the fiscal policy that can be implemented to boost economic growth.
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 only thing that has propelled him to such a status in the economics world is the fact that he does not look at the world from the same perspective as everyone else.
There are several types of social division of labor: The general division of labor is characterized by the isolation of significant types of activity, which differ from each other in the form of the product; [...]
Thus, Bremmer concentrates on the discussion of the opposition of the models realized in such countries as Russia, China, Brazil, and India with basing on the principles of state capitalism and the model of free [...]
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 book/movie gives a summary of the first phase of the fiscal crisis of 2007-2010 from the beginning of 2008 to the decision to create the Troubled Asset Relief Program.
Thus, the author states that the market economy is a positive creation of people while the use of market values in all aspects of people's life is a negative and even destructive trend.
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.
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.
Nussbaum supports Sen's argument that efforts in poverty eradication should be focused on capability deprivation, which is the taking away of the abilities bestowed on someone, rather than raising the income of the poor.
Evidence from several surveys suggests that the competition from various states within the US has contributed to the growth and expansion of casinos. The growth and expansion of casinos has been fueled by competition from [...]
The second question that engulfs the mind of a historian is what has contributed to the increasing rate of the gap between the rich countries and the poor states or between the rich and poor [...]
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.
The real GDP of Greece The most important economic sectors in Greece include the tertiary or services sector, the agriculture sector, and the industry sector.
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.
Productivity has been discussed in the light of the labor and workforce productivity, how it affects the economic growth, where it is found, its relationship to inflation and the influences of the unemployment to productivity. [...]
Latin America has moved from export-led growth to import substitution policies and then back to export-led growth, which is regarded to have enabled many countries to sustain economic growth and development.
During the design of service innovation, firms should understand the outcome of the service to the customer and the long run effect on the customer behaviour towards the service.
There is also the major economic events that took place in the history of Egypt, economic policy of Egypt as well as the changes that can be implemented, and finally, how history has shaped the [...]
In terms of the economic indicators, the Nominal growth rate of 2010/2011 was reported as 2. In terms of percentage comparisons to the GDP, the budget deficit was -7% of the GDP.
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.
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.
Harvey explains further that the system has a lot of faeces from the system and how we come out of the problem is determined by how we came out of the last one, the problems [...]
Pages: 2
Words: 573
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