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 [...]
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.
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 [...]
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.
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.
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 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.
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.
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.
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.
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 [...]
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, [...]
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.
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.
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 [...]
It discusses the nature and characteristics of Britain's capitalism by outlining its history and how the principal city, London, plays a critical role in the spread of capitalism.
The 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 [...]
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.
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 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.
It is paramount to note that despite the recovery that is being recorded in various sectors of the American economy, the figures are still very low compared to the drop that took place. The policy [...]
In 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 [...]
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 [...]
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 [...]
In Islamic business, currency notes and debt certificates in exchange of homogeneous currencies are not valid subjects of sale as they represent purchasing powers with respect to the different denominations they are in.
The 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 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 [...]
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.
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.
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 [...]
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 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 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.
This piece of work gives a critical discussion of the various factors that are associated with the rapid economic growth in China in the last three decades and their implications in the country as well [...]
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.
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 [...]
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 [...]
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.
Some of the aspects of the theory were carefully selected to support this report due to their relevance and applicability in business innovation and digital economies dynamism.
He faults the economics profession by arguing that the economists failed to predict the current messy economic situation. He argues that the education being offered to modern economists is to blame for the current situation.
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 [...]
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 [...]
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, [...]
It borders the Atlantic Ocean and it is one of the largest countries in the world. About 51% of the rural population is affected by this scenario translating to around 18million people, since 19% of [...]
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 [...]
Initially the United States government used fines to curb the monopolistic tendency but later introduced the Sherman Antitrust Act in 1890 and then the Clayton Antitrust Act in 1914.
The future prospects in regard to the tsunami and the world economy will be presented and application of the lessons learnt during the catastrophe in future" tsunami occurrence" management.
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 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 [...]
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 [...]
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.
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.
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 [...]
The phenomenon that appears when in a multiple regression two predictor variables have a non-zero correlation is known as collinearity; at the same time, the effect when more than two variables are correlated with one [...]
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 [...]
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 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 his book The Wealth of Nations, Adam Smith makes several important claims about the functioning of economic and tries to explain the welfare of the society can be improved.
In addition, the paper discusses the sources of the economic growth data and the formula the country uses for making calculations of its various economic indicators like the GDP.
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.
Such challenges include the image of India to the rest of the world as a poor nation with a greater percentage of its population living under the poverty line, issues related to culture as well [...]
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.
The research focuses on the discussion of the effects of the budget-less economic uncertainty. Hilton emphasises that the sales department failed to fill the 10,000 units paid by the clients because the marketing department did [...]
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 [...]
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.
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 [...]
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 [...]
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 [...]
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 [...]
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.
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; [...]
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.
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 [...]
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 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 [...]
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.
Entrepreneurship capital is the main factor in the neoclassical production function which is the ability of economic representatives to start new organizations.
Thus, macroeconomics can be divided into two major areas of research: one related to the study of short-term behavior of a product, which is Short-term macroeconomics; and another related to the performance of the product [...]
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.
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.
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 [...]
This includes the potential of the targeted market in terms of business opportunities and the political ideologies help by people in the targeted 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.
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 [...]
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.
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Pages: 15
Words: 4056
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