Free Economic Systems & Principles Essay Examples & Topics
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.
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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.
921 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 [...]
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.
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.
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, [...]
Pages: 4
Words: 1154
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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.
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.
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.
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 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 [...]
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.
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.
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 [...]
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 [...]
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.
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.
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 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.
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 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.
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 [...]
On the other hand, market equilibrium is attained at the point of contact between the equilibrium quantity on offer and the equilibrium price in the market.
The central idea in the 'Evolution of Capitalism' is that western society is archetypical of a radical change and gradual development of the capitalist system.
According to Kowalski, when the prices of commodities increase, manufacturers also increase the price of the products and services in order to cushion the rise of the raw materials prices.
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 [...]
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.
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.
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.
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 [...]
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 [...]
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.
Some of these problems can be related to the formulation of bad policies of governance by the federal government and the ignorance of the people of the United States of America and the overwhelming global [...]
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 [...]
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.
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 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 [...]
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.
On the other hand, international economics is concerned on the effects of international differences on economics in relation to productivity and consumer preferences.
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 [...]
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 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 academia, cultural understanding has helped in the growth of cultural literature and documentation of different people's cultures in positive portrayal.
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.
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 [...]
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.
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 [...]
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 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 [...]
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.
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 [...]
Pages: 2
Words: 623
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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.
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.
Entrepreneurship capital is the main factor in the neoclassical production function which is the ability of economic representatives to start new organizations.
For instance, the developing nations are in a position to supplement their food products and the much needed nutritional value. On the other hand, this initiative may impede the quality of local products due to [...]
Increase in the GDP as a result of increase in Consumption, Investment, and Government expenditure improves the standard of living since services or goods are readily available for consumption by the private and public sectors.
In fact, China and the USA are one of the most successful examples of how it is possible to integrate cultures and demands and achieve positive results in the chosen spheres.
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.
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 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.
Pages: 4
Words: 1078
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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 [...]
As the title makes clear, the author of the article explores the effect on the profit of Chipotle restaurants produced by a change in the price of avocados.
The availability of the internet is probably the single most important innovation of the 20th century that has increased the speed of communication and availability of information fundamental to conducting business.
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.
This includes the potential of the targeted market in terms of business opportunities and the political ideologies help by people in the targeted market.
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 [...]
In response to the economic crisis, the government put appropriate measures in place to reduce the impact of global economic crisis."Emerging from deep recession and high unemployment in the early 1980s, the economy shifted to [...]
The 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 [...]
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 next chapter 14 reveals the issue of cultural homogenization and hybridization due to globalization. From the perspective of the biblical worldview, it largely determines the principles of the world.
This undertaking is of vital importance to the company; it provides a view of short run costs that will have to be paid for the company to gain in the long run.
Additionally, the paper compares and contrasts various points postulated by the author to the opinions forwarded by other authors in the field of economics.
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.
The country borders Norway to the West and Finland to the northeast. Also, Sweden has water borders with Denmark, Germany, and Poland to the south and Estonia, Latvia, Lithuania, and Russia to the east.
In addition, CFIB has the mandate to carry out research and provide important information to the business community in Canada relating to a number of issues affecting the sector.
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 [...]
This is forms the basis of Smith's argument that the division of labor increases the productivity of the labor force. With an increase in the scale of production, there is an increase in the division [...]
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.
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 [...]
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 [...]
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.
On the other hand, conventional businesses extremely rely on high cost of their products to remain sustainable in the global and competitive market. Profit from the sale of products is refunded to Grameen Danone and [...]
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 [...]
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 [...]
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.
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 [...]
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.
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 [...]
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.