One thing that you should notice throughout this semester is the fact that we do
ID: 1131749 • Letter: O
Question
One thing that you should notice throughout this semester is the fact that we do not make value judgments. In other words, no option has only positives, nor does any choice have only negatives. What we will do is look at the options available to us -- whether it's forms of business organization, management styles or economic systems -- weigh the advantages and disadvantages of each option, and then choose the one whose advantages are the greatest and whose disadvantages we can most easily overcome. In light of this discussion, list two advantages and two disadvantages of each of the three main forms of business organization in the Text Box and submit. Be sure to explain why it is an advantage and why it is a disadvantage.
Explanation / Answer
Advantages of Communism:
Communism makes health, education, and employment accessible to each individual in the society. It is at the core ideology of the communism to extend all the benefits equally in all parts of the society.
Disadvantages of Communism:
Communism also dictates people. The government usually has the power to dictate and rule the people and very less is left to the people in the society.
Advantages of Socialism:
Another biggest advantages of the Socialism is around needs. Everyone's needs are completely met. All the facilities provided by the government, be it healthcare, education, food etc. is universal or usually free. This is really great from the perspective of a society where all the needs are met.
Disadvantages of Socialism:
In the case of a socialistic society, no one is allowed to own property. So, nothing you have is yours and it belongs to 'everyone' or the government. Nobody will feel the need to work hard or learn new things, innovate.
Advantages of Capitalism:
A society which is capitalist in nature would always have innovation coming faster. One of the biggest reason for the innovation and technical capabilities is the private property rights. With better and better goods and services, individuals want to be in a better position and they innovate.
Disadvantages of Capitalism:
Capitalism also depends a lot of consumption. Consumers in the society need to buy the goods and services and keep availing them. This may or may not always satisfy the individual needs of an individual in the economy.
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