Free Economic Systems & Principles Essay Examples & Topics
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An economic system definition refers to a set of principles created for an efficient recourse allocation, production, and distribution of goods and services within a particular geographic area. It is a complex decision-making structure formed by multiple entities and institutions. Its key aim is to ensure a smooth flow of consumption and production patterns within a society.
Economic systems play a crucial role for the counties and governments. They control five factors of production: capital, labor, entrepreneurship, information resources, and land. For ordinary citizens of a country, the given factors are essential since they influence economic growth. Thus, the employment rates, availability of goods and services, and salary rates depend on this system.
In your economic system essay, you can discuss how these systems operate across countries and even historical periods. Our experts have come up with tips for writing this paper. Also, you will discover the main types of economic systems and see free samples.
Key Types of Economic Systems
There are many facts about economic systems that you should learn before writing a paper on this subject. But first and foremost, you need to distinguish between their types. See what kinds you can explore in your essay on the economic system:
Traditional economic system.
The traditional economic system is the oldest one. It primarily relies on people, their customs and basic needs. In other words, the community produces and distributes only the goods and services that individuals require at the given moment. Sometimes, people even prefer bartering rather than paying with money. Thus, there is a meager chance to generate a surplus, which makes the system highly sustainable.
Pure market economic system.
This system is characterized by the separation of the economy from the government. Authorities have little control over resource allocation, production, and distribution. However, a pure market economic system does not exist in the real world. The central authority will always interfere with the economy and enact regulations for fair trade, monopolies, oligopolies, etc.
Pure command economic system.
In a command economic system, the government plays a leading role in controlling the business processes that occur in a country. In an ideal case scenario, the central authority should focus on the population’s fundamental interests. It would make this system better for society. Yet, the governments often fail to determine the consumers’ significant needs. It leads to a slow reaction to changes and economic crises.
Mixed economic system.
The last system here is a combination of two or more practices. Most commonly, a mixed economy includes the elements of command and market ones. In this case, the market is free from national ownership. Yet, the government takes control over the significant production branches, like oil and transportation. The main advantage of the mixed economy is that it allows private enterprises to operate more effectively and reduce production costs.
How to Write an Economy System Essay
Assigned to write an economic systems essay for high school or college? You are most likely to be composing an argumentative or persuasive paper. In this case, you have to follow specific rules and a 5-paragraph structure.
Let’s consider them in detail:
Pick or develop a topic.
It is the most crucial part of your writing process. Find or come up with a topic that corresponds to the assignment and interests you. Make sure that your idea is neither too narrow nor too broad.
Some of the possible examples might be:
Capitalism vs. socialism: a comparative economic analysis.
Economic systems in Islamic cultures, their strong and weak sides.
The impact of COVID-19 on the global economy.
Research it and collect sources.
Once you’ve decided on your topic, start your research. Check several sources and pick the best ones for citing in your paper. Ideally, these should be academic journals, peer-reviewed articles, official websites of governmental organizations, etc.
Come up with a thesis statement.
Your thesis statement will guide the readers throughout your entire paper. Compose a concise sentence that would clearly reflect the message of your essay.
For example, you chose the topic “The impact of COVID-19 on the global economy.” In this case, the thesis statement might be the following:
The rapid spreading of the COVID-19 disease has an adverse effect on multiple economic dimensions: global trade, unemployment, and inflation.
To grab your readers’ attention from the first sentence, come up with a catchy hook. You can start your essay with a meaningful quote or a personal story related to the topic. Another option would be to present interesting statistics or exciting facts.
Let’s take a look at the possible example of the hook for the topic “The impact of COVID-19 on the global economy:”
The Coronavirus pandemic harms both: human health and global economic health. The World Health Organization announced that a viral outbreak of COVD-19 reached the pandemic level. Since then, the global economy has lost $90 trillion. The world has not experienced such a financial scarcity in nearly a century.
Introduce your topic.
Compose a dynamic introduction. It should include a hook, a general background of the chosen topic, and a thesis statement. The best way to structure the introduction is to put your thesis statement as the last sentence of the paragraph.
Provide your points in the body.
The essay body should have several paragraphs, each one for a specific point. Sate the problem in the topic sentence. Briefly elaborate on your argument in a sentence or two. Finally, provide supporting evidence from the sources. Apply the same structure to each body paragraph.
Conclude your paper.
In your conclusion, summarize all the key points and restate your thesis. Never include any additional arguments or examples – it will only confuse your readers. Finish your essay with a final memorable thought. Or motivate the audience to investigate the topic further.
Thank you for reading our article! Below you will find economic system essay examples. They can help you a lot with the understanding of our advice.
709 Best Essay Examples on Economic Systems & Principles
Before one starts a business there is need to investigate whether there is a sustainable market for the goods or services that one wants to offer by assessing the consumers of your products, how many [...]
The prices are not arrived at through the forces of demand and supply but by the structures of the government."The agencies govern the prices they charge, the terms of their services to consumers, their budgets [...]
The discovery of new forms of communication led to the information revolution in the second era of globalization. According to Friedman, the world has become flat in the new era of globalization.
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 [...]
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.
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 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.
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.
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 [...]
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 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.
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, [...]
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, market equilibrium is attained at the point of contact between the equilibrium quantity on offer and the equilibrium price in the market.
Sustainable economic development entails the ability of the present human beings to meet their needs with the available resources without trashing the ability of the future generations from doing the same.
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 [...]
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.
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.
After a number of years since the first occurrence of the crisis, it is still not possible to explain fully the impact of the global financial crisis because the economic emergency keeps on hindering and [...]
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.
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 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 [...]
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 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 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 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.
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.
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.
However, "the catch-up economic growth in China in the reform period has been characterized by a pattern of concentrated growth and uneven development, which is not only inherently unbalanced but is also intrinsic to the [...]
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; [...]
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.
One of the factors that expose people to continued economic problems is the ignorance of the fact that economic systems and business operations change with time.
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.
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 [...]
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 [...]
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.
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 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 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 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 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 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.
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 [...]
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.
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 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.
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 [...]
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 [...]
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 [...]
The author presents several questions regarding the moral implications of the free market, such as the circumstances and specific situations in which the exchange between two parties is not a result of fair conditions.
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.
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.
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.
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.
A similar search of the origin of the Getwear products that the researcher outlined in the list above indicates that most of Getwear products do not originate from Scotland, which is the headquarter of the [...]
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 [...]
It is important to note that the government is very supportive of the private sector. However, Argentina has a relatively developed infrastructure which has very positive contributions to the development of the country.
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 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 [...]
In this particular context, the UK government chose this procurement model because it has the ability to increase choice for consumers, the rate of effectiveness as well as responsiveness of the service providers.
Most of the aspects of its business environment are designed to promote the growth and development of its local companies. The economic environment for business operations in China is discriminatory to foreign companies.
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 [...]
India in particular has become one of the fastest growing countries in the world after China and the country shows signs of maintaining the growth momentum in a sustainable manner.
This is in the sense that capitalistic economies are influenced by free markets where the effects of pull and push of the demand, versus the supply affects the prices that are in the market.
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 [...]
Technology has impacted the global economy greatly: It has also led to domination of the world by corporations and the decline in the ability of states to regulate them and protect its citizens wherein the [...]
Scarcity of Resources The complexity of economics arises as a result of the unlimited wants and needs of human beings that are sought to be satisfied by the limited resources in existence.
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 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 [...]
Many people ceased to buy products leading to low production of the products. This led to lose of market for American industries and led to trade disagreements among nations.
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 [...]
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.
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.
Thus, Bremmer concentrates on the discussion of the opposition of the models realized in such countries as Russia, China, Brazil, and India with basing on the principles of state capitalism and the model of free [...]
The second one is resource cost-income approach, which includes the sum of all the payments to suppliers of resources and other inputs used in producing goods and services during the year under the review.
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.
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 [...]
Much effort has been in place to from the government of Saudi Arabia in order to address the question of unemployment despite the fact that the nation is full of vast deposits of crude oil.
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 [...]
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.
This will make suppliers known to the rest of the companies operating in the industry. The bargaining power of the supplier in the casino gambling industry is also high.
The 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.
This paper is aimed to evaluate the position of Greece in the euro zone, and it also focuses on the effects which Greece may suffer if it decides to leave the euro zone.
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 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 [...]
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.
This paper thus discusses the grocery retail market of Australia by looking into the problem of market dominance and unhealthy competition in the market. Market concentration in the grocer market of Australia has resulted in [...]
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 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.
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 [...]
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 [...]
