Question One

Discuss both the advantages and disadvantages of living in a capitalist society. Then describe how such disadvantages could be minimized.

Capitalism is a system that comes with evident peaks as well as drawbacks. It is a system in which all businesses are controlled relatively privately, resulting in owners profit. Capitalism is an economic system in which all or most of the aspects of business’s are privately owned and operated for profit.

One advantage that Capitalism presents is that business owners success is mainly self motivated. One must put forth access effort to receive access profit. Individuals that own businesses in capitalist societies all at one point, start out equal. Depending on the success that the products produce one can better their business. In order to make money one must have money. Having more money or reinvesting in ones business helps boosts its success. The success of a business is often based upon the quality of the good, the reputation of the service, and consistency of the cheapest price. Having the lowest price, and highest quality is a resume for success. Freedom is another advantage. Every citizen has the opportunity to start something and receive positive results.  Business owners also have the freedom to decide how much to pay their employees, but many systems set a minimum wage. Business owners in capitalist societies have the there life earning riding on the success of there business, but the initial opportunity for success is what makes capitalism a dominant system. Everything they do directly reflects there business and the business reputation.

A disadvantage of capitalism societies is that many employees may suffer while the business owner flourish’s in there own success. The downfall to this is that the workers are often the reason for the owners success. The owner can inflict good service but the employees are the ones that have to carry out the service.