The United States Economy

It's sort of a hodgepodge of economies

Money

Money drives all modern economies: ours included. But, how that economic works is different amongst many nations. In the United States, we have mixed economy.

Markets

Markets are critical to the US economic system. It is where products and services are exchanged for things like money or other products and services, where the consumer meets the businesses that provide them with things. In the United States, markets generally go without interference from the government.

Economic freedom

In the United States, people have economic freedom. This is the ability to choose your own job and what you want to buy. In return, demand drives production. This Statue of Liberty helps to depict the different types of freedom in the United States.

Private property rights.

People are allowed to have private property. This is where people can own things such as land, homes, lamps, creepy Elmo dolls, and etc. People are also allowed to earn a profit from this, like selling your home, without government interference.

Voluntary Exchange

This is an image of two people exchanging money and fish. This is voluntary exchange. Voluntary exchange is where people willingly trade for products and services. What is exchanged is determined by economic freedom, people buying what they want.

Profits motive

People want money. In the US economy people have profit motive to go and try to make profit. Profit motive goes on to fuel economic growth because people have motive to go on enterprises such as starting a new company or selling something.

Competition

When you multiple companies making the same thing, you get competition. Competition leads to better quality goods and lower prices. This is important to the US economy because if we had monopolies, our products would be cheaply made, but incredibly expensive because there would be nothing to stop them from doing so.

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