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.
710 Best Essay Examples on Economic Systems & Principles
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 [...]
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.
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 [...]
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.
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 [...]
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.
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.
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.
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.
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 [...]
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 [...]
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 [...]
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.
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 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.
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 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 [...]
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 [...]
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 [...]
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 [...]
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 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 [...]
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.
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.
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.
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.
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 [...]
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 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 [...]
Following the economic downturn, most of the countries in the region including Peru and Chile undertook a couple of economic policies and reforms aimed at stabilizing their economies.
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 [...]
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.
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.
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.
On the other hand, the government is concerned with further sustainability and profitability of the facilities because of the challenges posed by economic development.
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 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 [...]
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.
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 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 [...]
This has largely been attributed to the regulation of modern societies by the state, the localization of the life-worlds, and the crisis of the subject in the post modernist culture of intellectuals.
Additionally, the paper compares and contrasts various points postulated by the author to the opinions forwarded by other authors in the field of economics.
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.
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 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 [...]
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 [...]
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 [...]
The situations that led to economic fluctuations in both countries were different and the reactions of their governments to the same were also dissimilar.
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 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.
The theories of other great economists on the division of labor theory will also be explored and finally comparing them to the modern theory of division of labor.
Because of the differing levels of competition in the market, different market structures emerge with varying effects in the market. A supplier will generate the quantity that capitalizes on the profit of the company; this [...]
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.
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 most cases, if one is suffering structural unemployment, it is as a result of improvement in a certain area, or a change in the way things are done.
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.
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 [...]
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 [...]
It is therefore of, essence, that oligopolistic firms set policies and competitive strategies that are beneficial to both the firms and their consumers.
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, [...]
This was exactly the reason why in Britain, instead of being invested into developing of new technologies, the bulk of 'surplus value', created by an ongoing process of industrialization, was invested into the maintenance of [...]
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.
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 [...]
The level of increase in output of services and goods is used as a measure of economic growth. Kenya's government has been trying to be ahead of population growth, and this has been favored by [...]
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 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 [...]
As a way of measuring quality of life, economists first measure the size of an economy and then use social indicators to determine the distribution of wealth.
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.
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.
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 [...]
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 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 reason to engage in business in order to realise better profit margins as in the case of private sectors forces them to reduce the production costs, which results to lower prices in the market.
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.
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.
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, [...]
This is an important source of income for the citizens of the UAE and the government. The UAE's Emirates is one of the leading airlines in the word due to the event tourism in the [...]
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.
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 [...]
The tax rate has been reduced to stimulate the economy and this is one of the factors that have made the country a good investment destination for foreign investors.
In terms of business and finance, London has qualified to be a global city as it received the highest number of votes as a European city conducting different types of businesses.
This was the start of building institutions for the purpose of providing healthcare services hence the introduction of health economics within constitution.
While numerous claims have been put forth to explain the causes of the 2007-2009 financial crisis, there is almost a universal agreement that the major causes of the financial crisis was the combination of a [...]
To understand the argument, consider a person who had a certain amount of money in the bank, choosing to take this money from the bank into the stock exchange would mean that the person will [...]
The single foremost presupposition of externalities is that producers and consumers in a competitive market may either not stomach all of the social costs or benefit from all of the social gains of a certain [...]
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 [...]
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 [...]
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 quality of life measures economic development after accessing the internal components of the economy. Nevertheless, GDP as a measure of economic development in a country fails to distinguish economic transactions contributing to the well [...]
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.
The strategic location of the UAE in the Middle East and its access to sea routes and ports boost the service industry because of the free movement of merchandise and the wide market that is [...]
To start with, supply is defined as the amount of a commodity that the seller is willing to bring to the market at a given time, place and at a given price.
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.
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.
