Describe two advantages and two disadvantages of a market system.

While a market economy has many advantages, such as fostering innovation, variety, and individual choice, it also has disadvantages, such as a tendency for an inequitable distribution of wealth, poorer work conditions, and environmental degradation.

Answer:Some Advantages of Market System are : Wider varieties of goods as well as services can be seen in market system Consumers have control over what gets produced. Economic freedom as well as economic growth is possible in market system. Market system automatically adjust and responds to the people's wants.

Some Disadvantages of Market System are : Harmful goods or inferior products can be encourage due to free market. In market system production may lead to negative externalizes. Market system may not produce certain services and goods. In market system unequal distribution of wealth and income is observed