Economic Systems
An economic system is any system of production, exchange, allocation, and distribution of goods and services in society. Ultimately, it is a social system, involving not just institutions, but people as well. Underlying all economic systems is the concept of scarcity. There is only a limited amount of resources, and so individuals (or institutions) must make choices.
Traditional economic systems are those in which production and distribution of goods and services follow established patterns dictated by tradition. Under such economic systems, little changes from one generation to another. A classic example of a traditional economic system is medieval Europe. Command economic systems, also known as a planned economy, have the state in total control of the use and distribution of resources. Government will regulate both prices and wages. The classic, but failed, example of a command economy was the USSR.
In market economies, all economic decisions are made at the individual level. These economic systems are characterized by a total lack of government interference, often known as a pure market economy. The Gilded Age in the late 19th century was the closest society came to such a system, and many conservative thinkers actively promote such unfettered economic systems. However, the modern United States is an example of a mixed economic system, with most decisions made in the marketplace, but the government retaining some control over allocation and distribution of resources.
Related Research Paper Topic Suggestions
Basic Economics - Research papers on Basic Economics examine the layman’s guide to the basics of economics written by Thomas Sowell.
Buying Two Parcels of Property - A detailed sample of a research paper about buying two parcels of property.
Capitalism - Capitalism research papers are written about the economics and theory behind capitalism and how it became the foundation of the world's economic system.
Capitalism and Government - The government and capitalism have long gone hand in hand in the United States. Paper Masters helps with writing political science research on the government and capitalism.
Capitalism and The Worker - Custom research paper on Capitalism and the worker from a Marxist perspective.
Capitalistic Society - Custom economics research papers show that a capitalistic society exploits the environment.
Christian Economics - Research papers on Christian economics discuss the different theological interpretations resulting in different economic perspectives from the teachings of the Bible.
Economics - Paper Masters topic suggestions for economics research papers help students get on their way to choosing a topic on banking, economic history, the economy, international economics and economic theory and theorists.
Economics Questions - Paper Masters helps college students answer tough economics questions that may be found in a research paper.
Economic Thought - Economic Thought research papers discuss the growth of industrialism and the rise of business. Paper Masters custom writes research papers on any aspect of economic thought or any economist that you need written on.
Federal Minimum Wage - Federal Minimum Wage research papers examine the minimum wage established by the United States government. Paper Masters custom writes all our research papers so that your project on the federal minimum wage is unique and only written for you.
Global Project - Global Project Research Papers discuss how to order a business report project giving specific instructions on how to complete the project.
Kampuchea Politics Economics and Society - Kampuchea: Politics, Economics, and Society Research Papers examine one of the thirty six volumes that examines the practice of Marxist doctrines in different countries.
Laissez Faire - Laissez Faire research papers overview the economic term that protects private enterprise from government intrusion.
Laissez Faire Capitalism - Research papers on Laissez Faire Capitalism will discuss the how Laissez faire capitalism expresses the notion that governments should refrain from regulating businesses or individuals in all areas of economic activity.
Microeconomic Theory - Microeconomic Theory research papers answer seven questions involving from a sample research paper order on microeconomic theory.
Peter Diamond and The Nobel Prize - Peter Diamond was awarded the Nobel Prize in Economic Sciences for 2010 along with two other winners.