Free Economic Systems & Principles Essay Examples & Topics
734samples
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.
734 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 [...]
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.
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.
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 [...]
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, [...]
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.
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.
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 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.
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.
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.
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.
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.
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 [...]
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 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 [...]
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.
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.
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 [...]
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.
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 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 [...]
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.
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 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 [...]
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 [...]
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.
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 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 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 [...]
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.
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.
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 [...]
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 [...]
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 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".
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.
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 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.
In response to the economic crisis, the government put appropriate measures in place to reduce the impact of global economic crisis."Emerging from deep recession and high unemployment in the early 1980s, the economy shifted to [...]
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.
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 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 [...]
As the title makes clear, the author of the article explores the effect on the profit of Chipotle restaurants produced by a change in the price of avocados.
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 [...]
The article titled "Do not Blame Hedge Funds for Financial Crisis, Study Says," in 19th September 2012 issue of the The Wall Street Journal, attempts to remove the hedge fund from blame in the global [...]
The more creativity is employed in the tourism industry, the more the number of employment opportunities. Most of the employees that work in the tourism industry are of young age meaning that the tourism industry [...]
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.
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 [...]
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.
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.
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.
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.
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.
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.
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 [...]
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 [...]
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.
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 predicaments of global warming and climate change have encouraged environmentalists and economists to consider evidence-based models that have the potential to improve people's experiences and maintain the integrity of the natural environment.
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.
On the other hand, the government is concerned with further sustainability and profitability of the facilities because of the challenges posed by economic development.
A number of analysts are of the opinion that there is an unprecedented acceleration in the pace of technological change. There seems to be an agreement among economist in the recent years that the impact [...]
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.
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.
This is an economic concept that was coined by Maynard Keynes where he argued that the increase in the savings of individuals during a time when the economy was in a recession could result in [...]
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.
Just compensation This element states that the amount of compensation given to property damaged should be acceptable to both the private owner and to the public.
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.
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; [...]
At the same time, the legislator recognized the American LLC as a form of a legal entity, which is the most suitable for the functioning of a project company.
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 price for a share tells how much people rely on the cost of the company in the future. The life of a stock market represents the reflection of human moods on the price of [...]
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.
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.
To the best of my understanding, the preciseness of time has been a helpful factor in the understanding of the accuracy and correctness of historical and scientific findings.
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.
The policies are in the form of direct or indirect government intervention through the creation of tariffs and local industry protection, among others.
It is important to note that countertrade usually takes place in the world daily, and it is part and parcel of the international business. Subsequently, this has led to a decrease in the number of [...]
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 [...]
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 [...]
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 installation of a democratically elected government has to a great extent enabled the country to recover from some of the effects of the civil war.
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.
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 [...]
The city of Melbourne is characteristically, a centre of attraction. There is therefore a possibility of increased tourism and international events in Melbourne in the future.
Pages: 2
Words: 644
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