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Advantages and Disadvantages of a Market Economic System


Discuss the advantages and disadvantages of a market economic system.


Economic Systems

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I. 🍃Introduction
- Brief explanation of the topic

II. Why it might work
- Consumer sovereignty
- Firms responding to changes in demand
- Low prices and high quality
- High efficiency due to competition and profit motive
- Variety of products and choice

III. Why it might not work
- Poor consumers having little influence
- Monopolies charging high prices and producing low quality
- Underproduction of products with external benefits
- Overproduction of products with external costs
- Examples of such products

IV. 👉Conclusion
- Summary of the points made
- Final thoughts on the topic

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