Humans need supply of food and other necessities in order to survive and prevail. The way through which humans manage and arrange their provisions is called the economic system. The oldest of all these systems is the barter system in which goods are exchanged without any proper currency involved. The three major contemporary economic systems are the market economy system, centrally planned economic system and mixed economic system.
The market economy system is a system where society or government has a lesser role in deciding about the way the system should be run or goods to be produced.
The process and the forces involved in the market are the key factors in determining and shaping the way of the system. Nearly all the Capitalist economies like the United States, United Kingdom, France and Japan are the examples of market economic system.
In the market economic system the individuals and the private sector has the right to own, run and expand business and property.
In planned economic system the society and government has the major role to decide about the trends and way the system should behave and get going. These systems focus on equal distribution of wealth and social justice. Most socialist and communist systems are based on this type of economic system. The former U. S. S. R was the key socialist economic country, while contemporary example socialist economies is Cuba.
Mixed Economic Systems are those systems, which were basically centrally planned economic systems, but they have compromised on some issues like private business and property ownership and have adopted some aspects of the market economy.
Chinese economic system is the major example of mixed economy because even in China there are some regions where there is a complete market economic system like Hong Kong. While the country’s whole socialist economy has been altered to make it more compatible with the western market economies.
Remember! This is just a sample.
You can get a custom paper by one of our expert writers.
Get your custom essay
Helping students since 2015
Essay Writing Service Features
Our Experience
No matter how complex your assignment is, we can find the right professional for your specific task. Contact Essay is an essay writing company that hires only the smartest minds to help you with your projects. Our expertise allows us to provide students with high-quality academic writing, editing & proofreading services.
Free Features
Free revision policy
$10Free bibliography & reference
$8Free title page
$8Free formatting
$8How Our Essay Writing Service Works
First, you will need to complete an order form. It's not difficult but, in case there is anything you find not to be clear, you may always call us so that we can guide you through it. On the order form, you will need to include some basic information concerning your order: subject, topic, number of pages, etc. We also encourage our clients to upload any relevant information or sources that will help.
Complete the order form
Once we have all the information and instructions that we need, we select the most suitable writer for your assignment. While everything seems to be clear, the writer, who has complete knowledge of the subject, may need clarification from you. It is at that point that you would receive a call or email from us.
Writer’s assignment
As soon as the writer has finished, it will be delivered both to the website and to your email address so that you will not miss it. If your deadline is close at hand, we will place a call to you to make sure that you receive the paper on time.
Completing the order and download