Glorioso, Ronnel Angelo T.

ACCESS IV
1. Advantages of Capitalism

•The government has limited control over business; it lets business compete.
•Individuals may choose the kind of work they want. Those who decide to be employed
receive limited income while those who venture into business have the opportunity to
become rich.
•There is a free market system in capitalism.
•Capitalism allows motivation for growth through healthy competition in a level playing
field.
•Anybody should have the opportunity to succeed in business.

Disadvantage of Capitalism

•Root cause of corruption.

•Capitalist system allows monopolies and other forms of cheating.
•Inequality in the distribution of national wealth
•Heavy expenses on publicity result into increase in cost and price of the commodity.
•In this system poor people are hit the hardest because the gap between the rich and
poor keep rising under this system as there is limited government control.

Advantage of Socialism

•It breaks down social barriers.

•Absence of monopolistic practices.
•A planned socialist economy functions right according to the plan in a systematic and
orderly manners and marches rapidly on the road to economic progress.
•Absence of business fluctuations.
•There is equal access to health care, education and other services.

Disadvantages of Socialism

•Non-existence of economic and political freedom.

•Sovereignty of consumer does not apply in a socialist economy.
•Individuals are not allowed to own many assets.
•Limited options in choosing a career.
•People are unmotivated to develop entrepreneurial skills.

Advantages of Communism

•The government determines the goods and services needed by the citezens
• It does not allow business monopolies.
• There is no business competition.
• All the resources of a country like property are under the control of the state and
governed.
• This is the opposite of capitalism where there are businesses are owned by capitalists
and employees who need to work in order to survive.
Glorioso, Ronnel Angelo T.
ACCESS IV

Disadvantages of Communism

• It hampers personal growth.

• It dictates on the people.
•It does not give financial freedom.
•There is no freedom of speech and whoever goes against the government can be
subjected to punishments.
• Business is not able to produce to their heart’s content, as communism limits their ability
to create new products and earn the proper compensation for their hard work

2.)

Capitalism. Capitalism, among other economic systems, gives the most freedom to
people. It pushes innovation and development in product and service businesses. It also
gives room to competition which also gives room for improvement. Capitalism gives
people an equal chance to idealize, produce, and earn resources.

3.)

Philippines. As known to all, our country is capitalist. Though we may not be the most fit
well-off country to be an example, I would like to stress how diversity in businesses cause
the people convenience and choice. It gives people more freedom to be decisive because
they have a choice and they can choose the products or services that much their budget.
In the Philippines, capitalism paved way to creativity towards the market. It pushes them
to be more innovative.