What Is an Economic System?
An economic system defines the social community through different entities that provide the economic structure. These entities get in the line for trade and exchange of goods. However, there are many other objectives for the economic system, such as Liberty, efficiency, equality, and growth. The entire economic system is based on the available resources such as availability of land, production of economic input, and distribution of the same. It further includes financial institutions, organisations, government, and households.
An economics dissertation is one of the requirements for graduates and University students who are pursuing a career in economics. Writing a dissertation never seems easy nor it is. Dissertation writing requires to have a good amount of knowledge about the selected topic of the dissertation. It is necessary for the students to understand the procedures and techniques that are required for the custom dissertation writing as it is unlike all other academic writing activities. The dissertation is detailed writing which consists of the five chapters. Each chapter of the dissertation is further divided into many components that help to achieve the purpose of the chapters and the entire dissertation effectively.
It is difficult for the students to understand the chapter and the components effectively because the first interaction of the students in the dissertation has always been horrible. Students find it difficult for the first time to meet all the requirements of a dissertation writing and to meet the standard at this time. However, to show the support and the right direction, students can find various online dissertation writing services through expert dissertation writers that can help students to complete their dissertation and to meet standards at the same time.
Four Types of Economics System
The type of economic system is determined by the process through which scarce resources are distributed. There are four main types of economic systems, let’s see each one of them in detail.
Traditional Economic System
It is one of the old types of economic systems that were practiced in the most traditional ways. Most of the world is still practicing this traditional economic system. In a traditional economic system, every member of the economy has a specified role in society, as the entire society is close to each other and socially satisfied. One of the disadvantages of the traditional economic system is that they are away from the technology and all the other technological stuff, such as advanced machinery, medicines, etc.
Command Economic System
In a command economic system, a large portion of the economic system is controlled by the central government or a centralised power. The command economic system is based on the core of communist philosophy where decisions are made by the central government. In such an economic system the government act as a central command of the economy which is involved in planning to distribute the available resources effectively and efficiently. One of the advantages of the command of this economic system is that it never shows biasness on the basis of the distribution of resources and people can be rewarded with affordable price offers. Other than the resources, the government is also involved in critical Industries such as railroads, utilities, and aviation. It is theoretically right that in a command economic system government can possibly create a good amount of jobs along with the production of goods and services at the most affordable rates, however, in real life, command economies focus on the most valuable resources for the betterment of the economy.
Market Economic System
It is one of the most common economic systems which allows the organisations and the household to act in their self-interest and to determine that how resources can be allocated and what to be produced in order to be sold on the basis of demand. It is unlike a command economic system where the central government keeps the profit. In the market economy system, there is no interaction of the government with the pure market system. However, there is no true market economics system found in the world. In the entire economic system, there is no interaction with the government in the market.
Mixed Economic System
A mixed economic system is a self-explanatory concept. In such an economic system, there is a mixture of more than one economic systems. This particular economic system is a combination of a market economy and a command economy. You can say that a mixed economic system is free from the interaction of the government except for the crucial industries such as railroad, defences, and a few others. However, there are some of the areas where the government can interfere through their involvement in private businesses as well. The basic purpose behind the mixed economic system is to use the advantages of both economic systems in the best possible way.
Writing a dissertation for the economic system is one of the most important and hot topics that students have to choose for their economics thesis. The above mentioned and discussed types of economic systems can help the students to understand the concepts and to effectively complete their economic dissertation writing while meeting the standards of the dissertation and the requirements provided by the University.