Economy Essay ♥

Name: Justine Truong

Period: 8

Teacher: Mr. Patrick / Mr. Blake

Subject: Social Study / Language Art

MARKET ECONOMY

There should be the freedom to gain

The freedom to give

The freedom to have greed

and the freedom to grow

                        -Justine Truong

            This world has four different common types of economy: Command, Mixed, Traditional, and Market. But by comparing and contrast the benefit and the trust of many nations, a market economy deserves to be considering as the best type of economy. It positively affects the citizens by helping the country to develop and allows citizens to enrich themselves through their knowledge and effort.

            A market economy helps people to enrich themselves. In How much land does a man need, there is a sentence in the story that says “He was ten times better off than he had been.” The sentence talks about a man named Pahom and his growth of wealth due to the freedom of farming crops as much as he is able to and sell them in his own price.  Pahom got the opportunities and freedom to get the wealth in a short amount of time. He was smart and he made good effort on trying to get rich to fulfill his greed. He got the knowledge of where is the land that is common to his community and he grabbed his chance to get that land. For example, he heard the rumor of the Bashkir and their fertile land therefore he made a visit to the Bashkir and made a deal with them to get his desired land. It benefits not only Pahom, but also the majority of those whom apply market economy to their country. It benefits the citizen because if all the population of a nation gets wealthier, the country will become stronger and more stable which leads to the next reason why a market economy should be considering as the best type of economy.

            A market economy not only allows citizens to enhance income, but also helps the country to develop and grow. An excellent example is the U.S.  In the U.S, people are free to do anything. The people in America have their freedom to make choices and own anything they are able to purchase. The resources are own by individuals, not the government, so there is a lots of competition. But in a market economy, in order to reach to the top and step on the competition, you have to fight for your position in the market. Citizens will keep on fighting and trying their best to reach their goals, which means all the creations and the ideas are leveling up every time a business man or woman stepped up. It helps the nation to grow and to become a technologically advanced nation. The U.S applied market economy which helped its GDP, Gross Domestic Product – total amount of money a nation made in a year, to increase.  

It started off with a very low GDP, only more than 1000 USD, but right now, it is more than ten times better off. In the book World Culture and Geography, it says, “The U.S economy produces goods and services worth more than the output of any other country”. The book verified that because of the help of market economy, the U.S improved its items quality and become one of the richest nations in the world. The U.S benefits from having freedom to make economic choices that helps them to upgrade their economy.

            Overall, a market economy brings positive effects to the citizens such as encouraging and pushing them to get wealthy in a short amount of time and helps the country to develop. Many countries in the entire world supported it, such as Brazil, Japan, USA, Sweden, Columbia, Sudan, etc… and all benefited from using it. A market economy gives its nations the ability to grow rich and wealthy base on their own effort which leads them to lead healthier and happier lives. Even though the greed of businessmen challenged the idea of this type of economy but that is nothing comparing to how well market economies benefits its citizens. It is clear that market economies are al important part of life for all.