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Economy of the United States: - Essay Example
In each and every economic system, entrepreneurs and managers bring together natural resources, labor, and technology in order to produce and distribute goods and services. But it is the way in which these different elements are organized and used that reflects a nation's political ideals and its culture.
The economic system of the United States can be described as a capitalist free market-oriented mixed economy, in which corporations and other private firms make the majority of microeconomic decisions and governments prefer to take smaller role in the domestic economy, although the United States' government's role is relatively large, at 38% of the GDP.1 The largest sector in regards to the United States' economy is service, which employs roughly three quarters of the work force; the economy is fueled by an abundance of natural resources, such as coal, petroleum and precious metals, however, the country still depends upon foreign nations for large amounts of resources, such as petroleum.
The economy of the United States is one of great discussion and significance, and in order to come to a clearer and more knowledgeable understanding on this subject matter, all elements and key factors in regards to the U.S. economy must be fully and thoroughly discussed. The aim of this paper is to do this, as well as investigate and moralize the factors in relation to this, in order to reach a more intellectual and critical point of view on the issue at hand. This is what will be dissertated in the following.
The United States is often described as a 'capitalist' economy, and although Americans often disagree about exactly where to draw the line between their beliefs in ...