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Advantages and Disadvantages of Market System

Some of the Advantages and Disadvantages of Market System are as follows. So let us check out some information on market system to know more about it.

Some Advantages of Market System are :

  1. Wider varieties of goods as well as services can be seen in market system
  2. Consumers have control over what gets produced.
  3. Economic freedom as well as economic growth is possible in market system.
  4. Market system automatically adjust and responds to the people's wants.
  5. In market system the competiton pushes business to be efficient.
  6. Generally market system relies on consumers as well as producers hence it does not required the government to appoint a team to take decisions.
  7. High efficiences in production, distribution and consumption is seen.
  8. In monopoly there is only one product and monopolies can be considered an extreme result of free market capitalism

Some Disadvantages of Market System are :

  1. Harmful goods or inferior products can be encourage due to free market.
  2. In market system production may lead to negative externalities.
  3. Market sytem may not produce certain services and goods.
  4. In market system unequal distribution of wealth and income is observed.
  5. In Market system, exploitaton of the economically poorer and less powerful is noted.
  6. Free market economy may sometimes increases the gap between the poor and the rich people.
  7. In market system production is not employed if it is not profitable.

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What is the Full Form of MIS?

MIS - Management Information System

MIS is the study of the  organizations, people and technology,to know the relationship among them in terms of computer system.

MIS study using computerized system is used to evaluate the efficiency and effectiveness of decision making of people in an organization.

Strength and weakness of an employee can be identifed with the help of this study.

Process Validation Types Revalidation

Fourth type of process validation is Revalidation. It is performed to check the performance of the various process parameters, some of the points regarding revalidation are as follows. So let us have a look on revalidation:

Any part of process or entire process parameters are validated in order to check the performance of the process parameters.

To maintain the validated status of equipment, facilities, or manufacturing process , revalidation if often carried out.

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Process Validation Types

Types of Process Validation: There are mainly four types of process validation. Following are some of the types of process validation so let us see all types one by one:

Prospective process validation

Retrospective process validation

Concurrent process validation

Revalidation

Prospective process validation: "Documented evidence - Validation carried out based on the pre-planned protocol"

Retrospective process validation: "Documented evidence - Validation carried out based on the analysis and review of the historical data"

Full Form of ATP in Biology

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The full form of ATP in biology is Adenosine Tripohosphate (ATP). It is a comples organic chemical which is found in almost all form of life. It is also known as "Molecular unit of currency". ATP is also a precursor to RNA and DNA.

ATP consists of an adenine and it converts to either monophosphates or di phosphates.