Some merits of agriculture include food security and the ability to have more accessible food and raw materials. Demerits may include air and water pollution, use of fossil fuels to run machinery, and concerns with soil erosion and animal welfare.
What are the merits and demerits of an economic system?
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Merits of liberalization: It can lead to increased competition, innovation, and efficiency in industries, stimulate economic growth, attract foreign investment, and create more opportunities for consumers. Demerits of liberalization: It can result in job losses in certain sectors, widening income inequality, exploitation of labor, environmental degradation, and vulnerability to global economic shocks due to increased interconnectedness.
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What are the merits and demerits of an economic system?
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Merits-Everyone is Equal. Demerits-Everyone is Equal.