Discuss the strengths and weaknesses of the economic system of capitalism.
What will be an ideal response?
Ans: Varies. In competition with one another, persistent pressure from consumers to keep prices low. Capitalism can create uneven development, inequality, and conflict between workers and employers, whose interests may be at odds. Successful in producing diverse and desirable products and services, encouraging invention and creativity by entrepreneurs, and raising living standards. Based on an individualistic work ethic. Desire for profit spawns creativity and productivity but also gives rise to greed, corruption, inequality, and exploitation.
KEY: Learning Objective: 15.3: Compare the economic characteristics of capitalism and communism.
REF: Cognitive Domain: Analysis
Answer Location: A Case of Capitalism in Practice
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