Question

Describe two advantages and two disadvantages of a market system.

Answer 1

Answer:

The two advantages of a market system are a wider variety of goods and the competition makes businesses more efficient. This makes the market system effective but there are also disadvantages that come with this which are that the market system production can lead to negative externalities according to the website frndzzz. Another disadvantage of a market system is that there could be certain products that are not available to the people.

Answer 2

Answer:

While a market economy has many advantages, such as fostering innovation, variety, and individual choice, it also has disadvantages, such as a tendency for an inequitable distribution of wealth, poorer work conditions, and environmental degradation.

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Explanation: