ECONOMICS
ECONOMIC SYSTEMS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Traditional
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Command
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Capitalism/Market
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socialist
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Detailed explanation-1: -Disadvantages of socialism include slow economic growth, less entrepreneurial opportunity and competition, and a potential lack of motivation by individuals due to lesser rewards.
Detailed explanation-2: -In free markets, also called laissez-faire economies, markets operate with little or no regulation.
Detailed explanation-3: -Creates scarcity due to an inability to plan for individual needs. Forces government rationing due to inability to calculate demand on set prices. Eliminates market competition, resulting in a lack of innovation and advancement. More items •22-Feb-2021
Detailed explanation-4: -Absence of alternative choice. It reduces individual initiative as citizens depend on the government for everything. It creates room for laziness. It slows down economic development. There is lack of specialisation because it does not encourage division of labour. Absence of competition. More items