Economic systems are identified by how they answer the three questions of what, how, and for whom to produce. Similarly, they are theoretical representations of economies found throughout the world that demonstrate the distribution of control between people and the government. The economic systems exist on a continuum, with command economies on one side and the free markets on the other side. The United States has a free market economy but with a notable amount …
showed first 75 words of 607 total

showed last 75 words of 607 total
…decisions must fall into equilibrium. In order to have a well-functioning enterprise system, individuals are required to take on certain economic responsibilities. Such responsibilities include attempting to rise as a successful entrepreneur and obtaining the knowledge of possible government policies while analyzing the consequences of those policies. The United States illustrates the characteristics of a mixed economy by combining freedom of choice, the desire to make profit, and the right to property with government regulations.