It’s crucial that every adult American understands the US economic system.

This plays a role in the way we vote, live, and handle finances. Every economic system has managers and entrepreneurs combining labor, resources, and technology to produce and distribute services and goods. However, the way a country organizes these different elements speaks volumes.

Keep reading to learn the who, what, and when of the US economic system.

What is the Economic System?

A capitalist economy is when a small group of people who control large amounts of capital make the most essential economic decisions. This term was often used to describe the United States economy up until recently. Today, the US has what’s considered a mixed economy. Continue reading →