Discuss the Strengths and Weaknesses of the Economic System of Capitalism

question 24

Essay

Discuss the strengths and weaknesses of the economic system of capitalism.

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Definitions:

Trade Barriers

Trade Barriers are government-imposed policies or regulations that restrict international trade, often to protect domestic industries from foreign competition.

Foreign Competition

The presence of competitors from other countries in a domestic market.

Tariffs

Taxes that a government places on imported goods, often to protect domestic industries or to raise revenue.

Quotas

Regulatory measures imposing limits on the amount or value of goods that can be traded, typically used in international trade.