What is the economic system in the United States?
Capitalism is the economic system in the United States. It is a market economy. Capitalism means that people, not the government, own most businesses. In the U.S., businesses decide what to sell. They decide how much money to charge for products and services. Then people decide what they want to buy. This is called a market economy. The economy is controlled by individual people, not by the government. The United States is a capitalist, market economy.
Words in bold are English words you may not know. You can learn these words in the Word List.
What is the economic system in the United States?*
Correct answers (choose one):
- capitalist economy
- market economy
Explanation: Capitalism is a type of economic system wherein private individuals, and not the government, own the majority of businesses and can generate profit.