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 [...]
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.
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 [...]
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 [...]
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 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.
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 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.
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.
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 [...]
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.
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.
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.
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.
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 [...]
Entrepreneurship capital is the main factor in the neoclassical production function which is the ability of economic representatives to start new organizations.
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 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.
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 [...]
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, [...]
Causes of Nigeria's Economic Crisis Consumers, producers, and efficiency of the market The decline in Nigeria's economic growth can be attributed to market shortages of its petroleum products especially Kerosene and diesel.
In this system, the government manages the overall means of production but the members have the duty of choosing the best setting for the production, the amount to produce and which product should be produced.
In the market, the forces of demand and supply determine the prices of goods and services. In this regard, there are various assumptions made in relation to the law of demand for the establishment of [...]
The function of regression analysis is thus to establish a relationship between the variables using information available about the explanatory variable, and predict values of the dependent variable for decision making. In this case, the [...]
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.
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.
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.
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 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 [...]
This growth was associated with "inflow of investments, improvements in technology, increases in education, a ready supply of labor as people moved from the countryside to the cities to work in factories, and reduced restrictions [...]
MNCs contribute to the improvement of economies of the emerging states in different ways. MNCs also contribute to the improvement of social and development needs of the developing nations.
Just compensation This element states that the amount of compensation given to property damaged should be acceptable to both the private owner and to the public.
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 [...]
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 [...]
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 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 [...]
The position of this country in the period of 1960s and 1980s has already discussed in section of economic history of South Korea; however, this part concentrates more on the position of this country on [...]
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.
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 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 [...]
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.
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.
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 [...]
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.
On the other hand, justifies the development of cultural capital by the common observation of the characteristics of capital assets in numerous cultural phenomena such as heritage buildings and works of art.
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.
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 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 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 [...]
The new concept acknowledged the presence of growth potentials in the capitalist sector and low wages in the subsistence sector because of an excessive supply of labor.
Additionally, the paper compares and contrasts various points postulated by the author to the opinions forwarded by other authors in the field of economics.
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 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 [...]
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.
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.
While it is believed that the U.S.subprime mortgage market might have prompted the occurrence of the global financial crisis, the primary cause of the crisis was founded on the flawed institutional practices and the instability [...]
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 [...]
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.
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 country of Syria "is an Asian country located on the eastern coast of the Mediterranean Sea, bordering Turkey to the north, Iraq to the east, Jordan and Palestine to the south, the Mediterranean Sea [...]
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.
History of a country helps in bringing out the path the country has taken to reach its current position, some of the challenges it has faced in the process, and how it has been able [...]
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 [...]
The market in the UAE was in boom due to the easy and cheap accessibility of capital that resulted in high degree of lending and borrowing and high level of investment and consumption.
The main problem behind the stated Great Depression experienced in the United States in 1929 was the mismatch between the consuming capacity of the population of the United States and the production capacity of 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; [...]
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 [...]
Therefore it would be prudent to note that being the key element of Canada's economy, this industry needs to be further strengthened to meet the demands that may arise in the future due to the [...]
According to Marshall, "when demand and supply are in equilibrium, the amount of....may be called the equilibrium-amount, and the price at which it is being sold may be called the equilibrium-price".
Also, the theory shifts away from evaluating the value of labor in terms of the wages paid to workers and labor-time involved in production to the determination of the quantity of labor input in the [...]
There are other examples in which the lack of such a component as talent has blocked the way for the state to introduce the phenomenon of a Creative Class into its economic structure.
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.
Admittedly, one of the major reasons for food prices increase is the use of corns for fuel production. The increase of fuel prices created a great temptation for farmers to produce ethanol instead of corn [...]
Benefits of outsourcing to the U.S.workers Outsourcing maintains the country's economic status: America exports products to the rest of the world more than any other nation by taking advantage of the emerging markets of India [...]
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.
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 includes the potential of the targeted market in terms of business opportunities and the political ideologies help by people in the targeted market.
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 [...]
Based on the second criterion, Pakistan had the highest mean years of schooling at 4. Over the years, the HDI of Bangladesh increased and it is closing in on the HDI for Pakistan.
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.
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.
On the other hand, the government is concerned with further sustainability and profitability of the facilities because of the challenges posed by economic development.
The difference in the wealth among the Emirates arises from the unequal distribution of natural resources and especially oil. This was reduced to 40 percent in the 1990s and was at 25 percent by 2011.
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.
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 [...]
The common feature in many of the reasons for the decline in influence and member numbers of labour unions in Australia and other Western nations is that, employers and employees, due to economic, legislative, and [...]
Harvey explains further that the system has a lot of faeces from the system and how we come out of the problem is determined by how we came out of the last one, the problems [...]
Concluding his speech with the discussion of the current problems of the humankind evolution and the need for "being smart about the innovative things we have", Friedman gives his audience a lot of food for [...]
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 [...]
One of the main causes of the TBTF problem is the excessive growth of financial institutions both locally and internationally. The failure of the big bank is likely to have far reaching effects to both [...]
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 following is the current contribution of various sectors to the economy in the year 2010. Being a major contributor to the European Union, Germany is an actor in the global economy.
On the other hand, international economics is concerned on the effects of international differences on economics in relation to productivity and consumer preferences.
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 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.
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".
