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ASHA 777 [7]
3 years ago
11

Describe the characteristics of our economic system? Of the benefits and disadvantages of our free-enterprise

Social Studies
1 answer:
zmey [24]3 years ago
5 0

Our economic system is free market capitalism, and the benefits vastly outweigh the disadvantages. Capitalism has brought about reduced pricing in everyday items through competition, reduced pricing in large things like medical expenses through innovation (also furthered by competition), and a vast reduction in poverty in the last 50 years. Another advantage is that it requires consent on the side of both buyer and seller, without a third party like the govt. intervening.

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