Anonymous
Anonymous asked in Social ScienceEconomics · 4 months ago

Why is it important for us to understand the advantages and disadvantages of different economic systems?

9 Answers

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  • 3 months ago

    Learn how different things work and maybe create something of your own that might blend some of the better features of each.

  • Anonymous
    3 months ago

    You will know what system suits best for your country during certain periods.

  • L
    Lv 5
    4 months ago

    So you can make the proper decision about the world.

  • Ray
    Lv 6
    4 months ago

    It's important for us to understand the advantages and disadvantages of different economic systems so that we as voters can make an educated vote. 

    When a peoples make an uneducated vote, particularly on economics, they bring in politicians which push out investors [thus prevent growth] and occasionally push out the local producers. We saw this play out in Detroit a few years back. 

    When people make an educated vote the opposite occurs, Bermuda is an exceptional example, the average wage in the island rivals that of low-population oil rich territories [like Dubai, Qatar, etc]. 

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  • Capitalism is a failure.  Socialism should replace it.

  • Oiy
    Lv 6
    4 months ago

    We can vote for the right guy to run the system.

  • JuanB
    Lv 7
    4 months ago

    So you know what you are getting into.  None of them really work.  

    Economics teaches us capitalism and says:  Assume Capitalism is perfect.  Therefore Capitalism is perfect.  Note:  A disadvantage of capitalism is it is far far from being perfect.  

  • Sandy
    Lv 7
    4 months ago

    if you learn them, you won't have to pay and rely on a business manager to understand for you. sometimes they take your money and because you're so stupid, they rip you off bigtime!!

  • Anonymous
    4 months ago

    So you can support politicians who advocate for the system you think is best. I like capitalism with a bit of heart thrown in.

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