Economic Systems

Economic Systems September-09-08 9:11 AM

1. What are the possible advantages for the society of the market system? Some of the advantages for market system include: - The consumer and business decide on what to produce, how to produce, and who to sell to, not the government - Reduce unemployment due to higher volume of sales, and restrictions; more money enters the entrepreneurs pockets. - More competition with no protection for smaller industries

2. What are the possible disadvantages for the society of the market system?

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Some of the disadvantages for the market system include: Unequal distribution of wealth; rich get richer, poor get poorer Business control the market, the government has very little say Less consumer protection Less worker protection, regulation

3. What are the possible advantages for the society of the command system? Some of the advantages for the command system include: - Regulation of workers and wages; no unfair treatment - Everyone is equal, no rich or poor

4. What are the possible disadvantages for the society of the command system?

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Some of the disadvantages for the command system include: Government can't allocate resources quickly due to having not enough knowledge on how much people need to survive Wages are not in-line with the amount of work or expertise required; a farm worker making as much as a doctor Limits personal freedom You don't own any possessions, land, or anything, the government owns it all.

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