I need assistance in repsonding to my peers response below

Please list and explain one specific advantage and one specific disadvantage of the American competitive economy and of European socialism for their respective populations.[MO 1.1, MO 1.2, MO 1.3]

Governments establish regulations that define the structure of the economy in their territory.The United States has a competitive market economy because of the freedom that the government gives to businesses to determine pricing, production, and sales.This competitive economy has advantages and disadvantages.One advantage of the American competitive economy is that it encourages innovation.Business managers know that in order to remain competitive in their market, they must develop new products or services that attract customers.Innovation creates a better life for all of the people living in the country because eventually everyone will have access to the new products.Smartphones are a good example of innovation.While in the beginning Apple's smartphones may not have been affordable for everyone, with innovation and competition, models were developed that were affordable for almost everyone.In contrast, areas of the European socialist economy do not encourage innovation because the government controls the production or cost of the good or service.Americans will often point to health care as an example of government control harming innovation.In a European socialist economy, the government sets the prices for health care.This reduces competition and stagnates innovation.

A disadvantage of the American competitive economy when compared to the European socialist economy is found in the motivation of a business.American businesses are motivated by profit and impressing the shareholders.This causes American companies to make decisions that are not always in the best interest of society as a whole.By contrast, governments in socialist countries tend to make decisions that benefit everyone, not only the users of the specific product.Through this process socialist governments can better control pollution because they consider the impact of pollution on all of the population.An American business may weigh the cost of pollution on society against their cost of reducing pollution and come to their own determination of the best course of action.