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I’m studying for my Macro Economics class and need an explanation.Part I: Explain the difference between 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 on-line 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).Note: Students are graded on their first submission (Parts I & II should be in the same post). Also ensure to include any APA documentation for referenced material.
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