Sample Economics Essay Paper on Economic Systems

Economic Systems

  1. Introduction

 Economy is perceived to be among strongest forces that balance instigating war, political power, and high/low quality of life, to the individuals that it serves (Orr 4). An economic system refers to a structure where there is resource distribution, in addition to trade and production of commodities and services within a society. It includes several institutions ranging from various entities, institutions, and consumers, who are involved in a particular community’s economic structure (Orr 4). This system deals with finance, investment, product markets, money, property rights, international trade, and natural resources, among other economic categories.

  • Types of economic Systems
  • Traditional Economic System
  • Production of products that is a result of religions, customs, and beliefs. (Cohen 24).
  • Command Economic System
  • Greater part of this system is controlled by centralized or federal government.
  1. Market Economic system
  2. It is similar to free markets; the government has no control over resources (Duignan 34).
  3. Mixed Economic System
  4. Dual economy; it is a combination of command and market economic system.
  5. It is an economy that is limited due to its inflexibility and its nature of having difficulties in accessibility (Duignan).
  6. Conclusion

           Economic systems are viewed to be elements of community systems, which are equivalent to culture, legislation, and regulation systems (Orr 58). Thus, there is connection between particular economic arrangements and ideologies, and they can be evaluated in accordance with their efficiency in accomplishing economic objectives. Different societies decided on how to design their own economic systems, in such a way that they satisfy their needs efficiently (Orr 58). Communities decide on how goods are produced, distributed, or shared equally among those in economic structure.

Works Cited

“Comparative Economic Systems.” (2010): Credo Reference Collections. Web. 15 Oct. 2015.

Cohen, S. I. World Development And Economic Systems : Theory And Applications. Hackensack, NJ: World Scientific Publishing Company, 2015. Discovery eBooks. Web. 15 Oct. 2015.

Duignan, Brian. Economics And Economic Systems. New York: Britannica Educational Publishing, 2013. Discovery eBooks. Web. 15 Oct. 2015.

Foster, John, and Andreas Pyka. The Evolution Of Economic And Innovation Systems. Cham [Switzerland]: Springer, 2015.Discovery eBooks. Web. 15 Oct. 2015.

Orr, Tamra. Understanding Economic Systems. New York: Rosen Pub, 2012. Print.