Final answer:
The U.S. economy is based on a market system, characterized by private ownership and decentralized decision-making guided by supply and demand.
Step-by-step explanation:
The United States economy is based on a market economic system. In this system, also known as a capitalist economy, decisions about resource allocation, production, and consumption are largely made through the interaction of supply and demand in the marketplace. Private individuals and firms have ownership over resources, which is referred to as private property rights. This results in decentralized decision-making that coordinates the economy without the need for extensive government intervention when it comes to the production of goods and services. While the government does play a role in enforcing property rights and sometimes in regulating certain industries, it does not own the means of production or plan the economy as is seen in command or planned economies.