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1 year ago

Strengths and weaknesses in a Market economy

Social Studies

1 answer:

rewona [7]1 year ago

5 0

Strengths

The main benefits of a market economy are efficiency gains, productivity, competitiveness, and creativity.

Weaknesses

The drawbacks of a market economy, on the other side, include fierce rivalry, subpar conditions of employment, environmental damage, and economic inequality.

This is further explained below.

<h3>What is a market economy?</h3>

Generally, an economic model in which privately held companies engage in unrestrained competition to set pricing and output.

In conclusion, Strengths

Gains in productivity, competitiveness, inventiveness, and efficiency are the primary advantages of a market economy.

Weaknesses

On the other hand, a market economy has disadvantages such as intense competition, poor work conditions, environmental harm, and economic inequality.

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