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Graded! Types of Economics Systems Difference_in_Economic_Systems-_Fig_1 …

- - - - ADVANTAGES
        
        -Little government intervention
        -Consumers can buy whatever they like in whatever amounts they want
        -Capital flows to where it will get the greatest return
        
        LINKS https://docs.google.com/presentation/d/14D6-nQBKxyrO0dCBfRx9GToS_Qk3yXgTlTozPYPMkUs/edit#slide=id.g4d6c3e82c0_0_1
      - DISADVANTAGES
        
        -There are occasionally market failures -May make it difficult for government to provide adequate social services
        -People can make choices which are harmful to themselves and others
- - - - Advantage
        
        -Can focus on social welfare and political freedom, as well as individual liberties
        -The consumer has the power to freely buy any goods or product of their own choices and needs.
        -Offers better options for private business growth and also public sectors to manage the economy without loss. They can work together.
      - Disadvantage
        
        -May not lear to optimal use of resources
        -Government intervention can hinder progress
        -If the business fails means you fail
- - - - Advantages
        
        -Can ensure stability because it does not coincide with business cycles
        -Serves people collectively instead of individuals; focus on equality
        -Distributes wealth among all of society
        -Products produces fulfill needs
      - Disadvantages
        
        -Insufficient resource distribution, shortages, and/or surpluses
        -Cannot determine society objectives and consumer preferences as well as market can
        -Lack of incentives for innovation
        -Infringes on personal freedoms
        -Can often lead to corruption among state planners
        -Cannot easily adjust to change
    - - Cuba
    - - North Korea
- - - - Advantages
        
        -Little friction among members because there is little competition
        -System is generally well understood by participants
        -Individual roles are clearly defined
        
        LINKS
        
        https://docs.google.com/presentation/d/14D6-nQBKxyrO0dCBfRx9GToS_Qk3yXgTlTozPYPMkUs/edit#slide=id.g4d6c3e82c0_0_1
        https://docs.google.com/presentation/d/1cVxFKEIEPJNVc6i92pbdqN_NZ1B4XoGvpeVzG8Q1KRk/edit#slide=id.p1
      - Disadvantages
        
        -Does not allow for growth and development
        -Changes are slow
        -Does not take advantage of technology