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Hello this is out team summary we think that this would be a ok economic system. The reasons for that is we would have free food  and education and more. The bad things about this makes us not want to live here because theirs lack of motivation, No competition and slow economic growth and that's a big deal. So we came to a conclusion and no we wouldn't want to live in this economic system.

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Christopher

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Logan

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Definition for the type of economic system

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Definition for the type of economic system

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private sector-small business

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1. United States

2.  Japan

3.Cuba

4. France

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1. Eliminates Greed
No individual person can have much more than the other, and businesses are all owned by the government.

2. The Needs Are Met
This means that health care is universal, education is free, food is supplied, as well as clothing and other necessary items to live.

3. Mobilization of Goods
With socialism, the government has full control of all of the things that people need and can easily mobilize them to the areas that need them the most.

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1. slow economic growth

2. less entrepreneurial opportunity and competition

3. potential lack of motivation by individuals due to lesser rewards

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https://thenextgalaxy.com/8-advantages-and-disadvantages-of-socialism/

https://courses.lumenlearning.com/boundless-business/chapter/businesses-under-socialist-systems/