Can You Discuss Good Sides And Disadvantages Of Market Economy Compared To Socialist Economy?
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The advantages of market based economy are more than the socialist or government controlled economy. Some countries go for mixed structure to reap maximum advantages for the market structures. The two prime advantages of market based economy include free determination of prices as the prices are determined by supply and demand of the products and lesser incentives for monopolists to gain unfair advantages. There are more incentives for the smaller firms to enter and compete in the market on the basis of quality and price. The prime disadvantage of market based economy includes lesser control of government in the times of high inflation and recessionary periods.
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