Question

What is the economic system in the United States? traditional economy command economy planned economy market economy

Answer 1

The economic system in the United States is a market economy. In a market economy, prices for goods and services are determined by supply and demand, and resources are allocated based on the decisions of individuals and firms operating in markets. The government plays a limited role in regulating markets, and the economy is largely driven by private enterprise and competition. The market economy in the United States is characterized by a high degree of innovation and entrepreneurship, as well as a robust financial sector and a strong emphasis on consumer choice.

Answer 2

Created by the United States Constitution, the U.S. has a mixed economy, meaning that it combines elements of the command and market economic models. In terms of consumer goods and business services, the United States economy operates as a free market.