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1. Characterize the economy of the United States 2. Is it centrally planned, mixed, or free...

1. Characterize the economy of the United States 2. Is it centrally planned, mixed, or free market economies? Explain your decision.

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Answer #1

The United States has always been a mixed economy i.e. it protects private property and allows economic freedom in the use of capital (market economy), but also has government intervention to achieve social objectives. Thus, it has elements of both capitalism and socialism.

The U.S. government control goods and services like education, healthcare, courts, roads etc. It provides subsidies to agricultural products as well as taxes products like cigarettes to discourage consumption.

On the other hand, private firms also operate in the US, only after attaining license of operation from the government.

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