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.
753 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 [...]
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.
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.
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.
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 [...]
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, [...]
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.
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.
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.
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.
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.
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 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 [...]
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 [...]
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.
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.
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.
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 [...]
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 [...]
According to Sandel, it is the financial crisis experienced in 2008 as well as the preceding years which made the market economy become a market society. The list of sellable services and items shown at [...]
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.
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.
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 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.
Entrepreneurship capital is the main factor in the neoclassical production function which is the ability of economic representatives to start new organizations.
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.
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 [...]
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 [...]
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 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 [...]
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 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.
These approaches have to take into account the employees of the organization, the cultural setting and value system that are in use within the organization and the business environment that the organization operates in.
Finally, the impact of technology especially in a soft drink company such as Coca Cola has been crucial to both its consumers and their trading partners.
The 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 [...]
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 [...]
This paper will analyze the key disruption of the supply chain process, how they can be detected, and what should be done in the future to reduce the negative influence of these aspects. Consequently, the [...]
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".
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.
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.
Additionally, the paper compares and contrasts various points postulated by the author to the opinions forwarded by other authors in the field of economics.
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.
Though a shrinkage in the number of vacancies and the rapid increase in the number of part-time jobs have had their toll on the unemployment rates, the lack of vacancies still remains the key cause [...]
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.
In Islamic business, currency notes and debt certificates in exchange of homogeneous currencies are not valid subjects of sale as they represent purchasing powers with respect to the different denominations they are in.
This can be viewed to be an increase in the efficiency of the market since the market is able to sustain itself and both producers and consumers can rely on the market.
In such a market, the price is determined by the forces of demand and supply, and the firm is left with no option than to take the prices. A monopoly firm is one that has [...]
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.
It is therefore up to the managers to make the right business decisions to ensure that their businesses stay afloat. The businesses have the right to compete to the optimum.
This is to ensure a better understanding of political, economic, and other environmental systems that have a direct impact on the improvement of individual, communal welfare, and prosperity of the nation.
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 [...]
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.
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 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 UAE energy plan and the green economy are among the key emerging trends influencing the transition and can affect how the future unfolds in the energy sector and the people of the UAE at [...]
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 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 [...]
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 [...]
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.
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 [...]
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 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.
An integral hallmark of the perfectly competitive market model is the fact that it is made up of a large number of buyers and sellers who do not have the individual ability to initiate any [...]
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 [...]
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 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 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 [...]
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 [...]
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.
On the other hand, the government is concerned with further sustainability and profitability of the facilities because of the challenges posed by economic development.
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 present literature review will focus on the definition of sustainability, indicators, and stakeholders of the transportation system, sustainability assessment methods, sustainable transport, and the relevant assessments recently conducted in the United Kingdom, particularly in [...]
One important reason is the bank mergers and acquisitions, which have resulted in the domination of a few large banks. This, in turn, can perpetuate the concentration of wealth within the banking industry and worsen [...]
The e-commerce industry in Asia has experienced rapid growth in recent years, driven by the increasing adoption of technology and the availability of internet infrastructure and mobile networks.
The concept of capitalism is based on private actors and favors free-market dynamics and individual control of the property to best serve their interests hence the society.
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.
I am proud of my accomplishments and appreciate the opportunities that have allowed me to grow and evolve. I have discovered that life is a journey and that everyone is the hero of their story.
Today, the US is the world's largest debtor and also the largest economy, market, and investor. Household debt can become a severe problem for the economy if exceeds their dead and accumulated wealth.
It is possible to have both private property and equality in a state by developing measurable notions through a qualitative analysis of freedom and equality in their relatable aspect.
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 best illustration of the law of supply and demand effectiveness are restaurants and other catering establishments. If a customer is hungry and buys a slice of pizza, the first piece will provide the most [...]
The chapter explores the applicability of economics as symbolic capital in the leadership and management of financial institutions. Previous research explores the role of the content of courses taught in school and their applicability in [...]
The video describes various historical stages that contributed to the development of the modern economy. Currently, people have reached the point of being able to use the Internet and digital platforms for more successful work.
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.
One of the main manifestations of this crisis is the export issues that Jamaica faces. The tariffs are very disadvantageous for Jamaica, and it is strongly related to the devaluation.
Besides, the poor personnel policy of the state permits the spread of corruption and opportunities for promotion independent of the actual results of the employees' activity.
The global economic recession that started in the United States mortgage market and spread to other industries across the world is a perfect example of the danger of ignoring principles of psychology and experimental science.
The Preventive Controls for Animal Food regulation requires suppliers of animal food, particularly pet food, to apply the same careful preparation used to identify and avoid dangers in the growth of human food.
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 purpose of this new corporation is to partner with players in the private sector to invest in various sectors including healthcare, agriculture, technology, and critical infrastructure.
According to his way of thinking, the main characteristic of a rational economic order problem is that the knowledge of the circumstances is scattered among individuals and is not integrated.
In providing the comparison for employee relations, the VoC approach has the strength of drawing attention to sectoral, national, and social responses to the crisis and the globalization challenges.
Pages: 3
Words: 942
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