Question

What are the limitations of Market system and Socialist system?
4 points each ​

Answer 1

Answer:

Disadvantages of socialism include slow economic growth, less entrepreneurial opportunity and competition, and a potential lack of motivation by individuals due to lesser rewards.

The disadvantages of a free market economy (and the advantages of a command economy) Public goods cannot be provided privately because of their two characteristics, non-diminishability and non-excludability. ... Demerit goods are bad for you. Government should ban class A drugs, and tax cigarettes and alcohol heavily.

Answer 2

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