Application of marginal costs/benefits, opportunity costs, and utility

Part I:  Explain the difference between the laissez-faire system and socialism.  Find an example of a country that is considered a socialist country in a reputable resource outside of your book.  What are some of the welfare program offerings that it has which categorize it as such?  Hint:  You will need to research online the aspects of socialism (minimum of 6 sentences).

Part II:  Which economic system do you believe is the best and why (minimum of 5 sentences)?

Part III:  Respond to two of your classmate’s posts regarding either Part I or Part II of their discussion (within the same thread – select the reply option when you view the classmate’s post).  Specifically, focus on the trade-offs that people face when countries are under more capitalist structures vs. socialist structures (or vice versa) (minimum of 6 sentences for each reply).

Solution: