Answer to Question #163559 in Microeconomics for Rija

Question

Which economic system will you choose and why?

Answer 1

Answer to Task#163559

Which economic system will you choose and why?

There are two economic systems namely capitalism (Laissez-faire) and socialism economic systems.

I would prefere capitalism economic system because;

1. One has that freedom of starting his/her own business
2. The private businesses and properties are respected. Everyone's rights are upheld here.
3. Controlled/limited government intervention. The government only steps in when solving disputes in the markets.

In short, people would be motivated to work better and harder when working for themselves than when they know they are working for a government like in socialism economic system.