Question

Command and mixed-market economies have benefits and drawbacks. Carry out research to prepare for a group discussion with your peers. Then, work together to discuss the pros and cons of each economic system, and which system provides the best opportunities and stability for citizens.

Answer 1

Pro of a Command Economies
- the capacity to radically alter course in a generally brief timeframe and little vulnerability for its natives.

Con of a command economy
- purchaser needs may not be met; diligent work isn't remunerated, the important basic leadership administration postpones choices, and little adaptability to manage everyday issue

pro of a mixed Economies
- Gives help to a few people who generally might be forgotten (excessively youthful, excessively old, excessively wiped out, and so forth).
- Majority rule governments = individuals vote and influence government choices.

Con of a mixed economy
- More administrations = higher average cost for basic items.
- Accessibility of administrations might be constrained or quality may break down. Industry might be less proficient.

Answer 2

Benefit of command economy:
- Low level of inequality
- Products that produced in a society is usually for the benefit of collective goods
Drawbacks of command economy:
- High level of Government corruption
- It kills the incentives to excel and compete, which would negatively affect performance in global market.
- People do not have the freedom to choose our own career


Benefit of market economy:
- Freedom to choose career and goods/products that we want to produce
- Desire to compete and excel is rewarded
- More new inventions are made
- Positively affect position in the Global market

Drawback of market economy:
- High level of inequality
- Economy is controlled by corporations
- Lower amount of Government welfare.