Make your economic system essay work!
Economic students constantly write a variety of essays. On the one hand, economics is a fairly mathematical science that requires good theoretical skills. On the other hand, there is always a lot of room for philosophical questions.
For example, each society has its own economic system. Somewhere, the state completely intervenes in the affairs of the population. Somewhere, the market is controlled by the private sector. Which system is the best? What will help to get the most profit? Famous economists have been solving these issues for centuries. And you can join them by writing an economic system essay.
In this article, you will find all the necessary information that will help you organize your thoughts and create a truly meaningful student paper.
How to write a good essay on the economic system?
If you want to get an A-grade for your essay and impress the audience, use these 5 tips:
1. Do the homework
The writing process itself will take you about an hour. But any quality paper involves thorough preparation. Do research, study the most popular and latest sources on your topic. Read some examples written by other students. What new and unique information can you offer? In the process of research, you will understand that economic systems are already well studied. This means that you need to find something that is being actively discussed. For example, today it is widely believed that a market system is ideal for any society. Try to write a paper, refuting this idea. Consult a professor about your ideas to make sure they are truly worthy.
2. Indicate the main question
What is your paper about? Do you want to write that one economic system is better than all the others? Do you want to compare capitalism and socialism? To offer readers their vision of the list of economic systems? Describe the economic activity in a particular society? What problem do you want to solve with your essay? Knowing the answer to this question, you can write a really meaningful essay. Write down the key point of your paper to use it in the introduction.
3. Structure your paper
It is not only about preparing an introduction, the main paragraphs, and conclusions. By studying sources and writing down your ideas, you have gathered a large amount of information. Now you need to organize this. You cannot use some facts if you want to write a 1-3 page paper. Others will be frankly weak for a good essay about the economic system or will not help you to develop the main issue. Spending time on structuring, you will highlight the most important points and work them out well.
4. Start with a draft
Do not think that you need to create an amazing essay on the first try. Having all the necessary information, do not postpone the writing process. Put all your thoughts on paper. As soon as you have the first version of the text, you can work with this to make it better and stronger. Perhaps during writing, you will receive new insights that will allow you to start the process anew. In any case, all your ideas are weak as long as they exist only in your head.
5. Ask for help
What if you can’t do it? You can always order an economic systems thematic essay written by a professional author. It will be an economic paper system created from scratch for you. The writer will take into account all your requirements regarding the academic level, topic, formatting style, number of pages, etc. This is your chance to save time and get an A-score without much effort.
What should you know about 4 common economic systems?
Traditional economic system
This is a basic system that has the most ancient history. It is based on goods and services that follow specific trends. There is no question of the labor division or specialization. A lot of things in a traditional economy system depend on people.
In fact, few countries today operate using this economic system. This is more likely for rural areas in the developing countries of the second and third worlds. Usually, they receive income from agriculture, have few resources, or limited access to them. The traditional system does not have enough potential to create a surplus. However, it is precisely this primitive nature that provides the traditional economic system with good stability.
Command or planned economic system
An important factor that distinguishes this system from others is the presence of dominant centralized power. In most cases, this is the government. It has the ability to impact a significant part of the economic system. Ideally, it is responsible for such valuable resources as gold or oil. The public sector may regulate less important sectors, such as agriculture.
This system has become widespread in countries with a communist regime. In theory, it works very well. However, the central government rarely takes into account the best interests of the population. This system is very tough for the population. The country cannot quickly adapt to changing conditions and is suffering greatly during the crisis.
Market economic system
The market economy is the system based on the concept of a free market when the government practically does not intervene in segments of the economy. All regulation is controlled by people. What is still important is the relationship between supply and demand.
It is important to understand that the free market model is mostly theoretical. There is no system that would be 100% market-based because most countries pass laws that regulate monopoly and fair trade. Theoretically speaking, the free-market economy model is capable of providing very high growth. But there are also drawbacks. Individuals who own valuable resources can accumulate substantial economic power, and therefore control. In this case, there is no question of a fair distribution of resources.
Mixed economic system
The mixed system has incorporated the best features from two other systems: command and market.
This is the choice of most Western countries when the government can control some industries, while others remain private. At first glance, this is the best system for wealthy nations, but there is a certain economical problem. Governments rarely find the right balance in matters of control.
Use this economic system essay sample for your advantage
Some good questions about the economic system essay
What is the economic system?
In essence, it is a system organized by the state that helps society or the government distribute available resources. It can be natural resources, goods, services, etc. It is the economic system that determines how production will work. It regulates all its factors: labor, capital, entrepreneurs, institutions, agencies, and various other entities. In economic science, the topic of economic systems occupies a rather large place. Understanding the differences between the main systems, you can better analyze the advantages and disadvantages of the economy of each individual country.
What are the 4 main types of economic systems?
Four types are Traditional, Command economy, Market, and Mixed economy. It is important to understand that each of them has its own characteristics, advantages, and disadvantages. It cannot be stated unequivocally that any of these types is 100% better than others. Moreover, sometimes one system can be replaced by another, and then again return to the previous or even different solution.
How to write an essay about the best economic system?
Despite the fact that it is impossible to objectively identify only one type, each of them has its adherents and opponents. This means that you can get a task to write about the type that seems most effective to you. Or your professor may assign you one type whose advantages must be considered in the paper. In any case, you will need to analyze all the pros and cons of a particular economic and political system. Knowing its weaknesses, you will understand how profitable to present the strengths.
What is an economic system essay sample?
This is a paper written by a fellow student or professional author. This is a great option if you are looking for inspiration for your essay. Using the sample, you can understand the basic structure of the paper, as well as adopt a few ideas. We do not recommend that you spend a lot of time reading examples, as this will define a specific framework for you. Read one or two good examples, and then work on creating your own awesome essay, with a fresh concept.