Question

Choose either free market, democratic socialism, socialism, or communism. Limit your answer to 7-12 sentences if possible.

“Based on my prior and current knowledge, I support a country that adopts a ____________ economic system because…”

Answer 1

I choose Free market / Capitalism .

Based on my prior and current knowledge, I support a country that adopts a _____Free market ______ economic system because market system or capitalistic economy has proven to be the best in terms of efficiency , growth and economic freedom .

Property and resources can be used with maximum efficiency and in the most profitable way which leads to maximum utilization of scarce resources in the economy .

Companies competing against each other keeps prices down , promotes higher quality of production and efficieny . It also induces incentive to work and investments in the economy . Command economies , traditional economies , socialism , democratic socialism also have many pros such as more security , equality of distribution of wealth etc . But in the long run , these systems do not provide such strong growth , efficieny and freedom . Minimum government intervention , all resources owned by private companies also leads to more investments in research and development . It fosters innovation . It helps in constant growth in order to stay competitive in the market .