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 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 [...]
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.
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.
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.
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.
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.
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 [...]
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 [...]
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.
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.
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 [...]
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.
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 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.
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.
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 [...]
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 [...]
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.
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 [...]
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.
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, [...]
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 [...]
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.
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.
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 [...]
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.
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.
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.
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; [...]
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 [...]
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.
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.
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, international economics is concerned on the effects of international differences on economics in relation to productivity and consumer preferences.
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.
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.
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.
For the Indian capital markets to grow, people need to know the benefits, risks, durations and volatilities of various types of investments before that can commit.
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.
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.
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.
The government of China has improved the infrastructure of the country to ensure that investors have a good business environment. The constitution of China has no clear guidelines about the review of the legislation by [...]
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.
Instead of restricting their methodology to the choice of a single principle, in accordance with which they would analyze the current sociological theories and observe the evolution of the sociological thought[4], the authors state explicitly [...]
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.
The Depression of 1873-1879 This depression was as a result of the bankruptcy of the railroad investment firm of Jay Cooke and company and particularly the restrictive monetary policy of the federal government; this is [...]
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 [...]
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.
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 [...]
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 [...]
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 [...]
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 [...]
In the United State of America, the rate of unemployment was at its highest in the year 2007. The topic of unemployment is important due to the impact that it has on the current economy.
The data obtained in the study of the above office market was used in the preparation of this report, which contains the prospects for these markets over the next three years, the current trends, the [...]
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 [...]
In a number of cases, the government of South Korea encouraged the importation of both raw materials and technology. 6 Rapid development of South Korea's economy is due to the rapid growth in the industrial [...]
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.
It is therefore of, essence, that oligopolistic firms set policies and competitive strategies that are beneficial to both the firms and their consumers.
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 time clock market states it is assumed that the degree of monopoly of a market segment is determined by the degree of saturation in the seller market, which is a measure of independent firms [...]
Gold is popular as a precious commodity because of its uses in the society. The increasing production of gold is a threat to the existence of the metal.
It analyses the relationship between inequality in resource distribution and poverty; the writers are of the opinion that if the society have an uneven distribution of resources, then the poor are not able to come [...]
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.
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 [...]
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.
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.
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 [...]
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 [...]
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.
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 [...]
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.
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.
In fact, China and the USA are one of the most successful examples of how it is possible to integrate cultures and demands and achieve positive results in the chosen spheres.
The essence of this paper, guided by this brief history of Dubai, will be to investigate and evaluate the real estate in Dubai and the way it has contributed to the economy of the emirate [...]
The country's economy is over regulated in an attempt to protect the locals from international competition and the government has been accused of strong resistance to change.
Free market entails allowing markets rule themselves by allowing the free flow of goods and services, but in the past the government has had to regulate the market either by introducing trade tariffs, which seek [...]
The latter country has been identified as one of the most preferable when it comes to economic freedom as government interference is kept at a minimum and start up procedures are some of the easiest [...]
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.
Further, this system indeed considers the needs and interests of private actors to be of vital importance and does not allow the authorities to control the trade and industry of the country.
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 [...]
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 [...]
The author presents several questions regarding the moral implications of the free market, such as the circumstances and specific situations in which the exchange between two parties is not a result of fair conditions.
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".
This essay presents an analysis of an article about the military shoes and local manufacturers and the economic effects of promoting local shoe manufacturing industries to supply the products.
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' [...]
Australia Dollar is the currency used in the nation. There are also scientific and medical researchers in Australia and this means that the country has a huge number of educated persons.
This will make suppliers known to the rest of the companies operating in the industry. The bargaining power of the supplier in the casino gambling industry is also high.
The emergence of opposing administration on the Korean peninsula was to test the progress of the region as the two sides struggled to replace the colonial government and promote economic development.
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. [...]
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.
The relationship between the balance of payment and the net international investment position is captured in diagram below. This has been the most negative effect on the Australian economy in 20 years.
Therefore, the development of the textile industry resulted in restructuring of the traditional industries of the country and influenced the traditional occupations of the population.
Pages: 4
Words: 1129
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