US+Economy

= **US Economy** =

=Type of Economy:= Mixed Economy =How does the US economy answer the 3 economic questions?= What to Produce? Produce mixed products. (some of everything) World leading high technology innovator in the world 2nd largest industrial output in of petroleum, steel, motor vehicles, aerospace, chemicals, electronics, food processing, ect. How to Produce? Produce with Technology/ Machines What Needs & Wants to Satisfy? Satisfy needs and wants of People in U.S.

**Characteristics**:
Largest producer of goods and services in the world. Consume more than any other country Twice as many shopping malls as highschools

Pros/Cons:
Con: Americans get into debt because of credit cards and obtaining loans. Lots of competition Failure of American Economy hits users hard. Pro: Many people have financial responibility and save and invest money rather than spend it. Capitalism Right to own private property Freedom of choice Make lots of profit Good competition (could also be con)

= =