Final answer:
The largest single market in the world based on GDP and potential consumers is the United States, not Japan. The U.S. has a large GDP and a substantial consumer base contributing to its market size. Furthermore, global shifts towards free market economies enhance international trade and economic expansion.
Step-by-step explanation:
The world's largest single market, considering both GDP and the number of potential consumers, is the United States. While Japan is a significant economy, it is not the largest market. The substantial size of the U.S. market is due to a combination of its massive GDP and a large consumer base. The U.S. GDP is the highest in the world, indicating the total economic output of goods and services, and this is complemented by a large population with a considerable capacity for consumption.
Several factors have contributed to the economic growth and development of leading markets like the United States, which include technological advancement, a well-developed infrastructure, and a strong legal system that protects property rights and supports business operations. Additionally, the positive impact of other nations transitioning towards a free market economy has been significant, as it stimulates global trade and opens up more markets for businesses, promoting efficiency and economic growth worldwide.
In answering the self-check question provided, Country A's GDP can be calculated by adding up export sales, government purchases, business investment, and consumption spending, then subtracting imports (which are not produced domestically). The formula for this is GDP = Exports + Government Purchases + Investment + Consumption - Imports. Using the figures provided, Country A's GDP would be $20 billion + $1,000 billion + $50 billion + $2,000 billion - $40 billion, equating to a GDP of $3,030 billion.