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The United States of America, as of 2008, has a market economy. We can sell freely, set prices freely, and make freely as long as we go by the laws.An alternative answer:
The US has a "mixed economy". This means that there are some aspects of the economy that are driven by open market forces (private forces) and there are other aspects that are driven by government regulation (public forces). One example of government control of the economy occurred during President Richard Nixon's term when he and Congress instituted wage and price controls on a vast number of items. Prices of certain goods and wages of certain employees were not allowed to rise beyond certain percentages. This law no longer applies, but the government still has the power to control these things should it wish to. One example in New Jersey is that gasoline stations are not allowed to raise their prices more than twice in a single 24 hour period. To say that we can set prices freely as long as we go by the laws admits that we cannot set prices freely if those laws restrict the fixing of prices.
Wiki User
∙ 9y ago
Wiki User
∙ 8y agoThere are many misconceptions about the US economy. The misconceptions are rooted in the distant past and are also influenced by comparisons to other nations, free nations or ones ruled by dictator(s).The truth is that the best label to place on the US economy is one we can call a free, mixed economy. It's a free economy in that private businesses and private property are honored by the US Constitution. The US economy is mixed because government regulations and the Federal Reserve System play a significant role by which the economy thrives or is hampered.
Wiki User
∙ 9y agoThe American economy is a capitalist economy with some government checks. There is plenty of competition but the Government has regulations in place to oversee business practices.
Wiki User
∙ 14y agoThe government is a republic (voters elect representatives to do the work of government in a democratic society.) The economic system is one of capitalism - based on supply and demand.
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What kind of economy does Belgium have?
The kind of economy that Belgium has is a mixed economy. This is a capitalist economy which has involvement of the government.
What kind of economy does Thailand have?
The kind of economy that Thailand has is a mixed economy. This means that the private sector and the government are key stakeholders of the economy.
In what kind of an economy does the government make all the decision?
command economy
What kind of government do you have in the US?
The kind of government you have in the US is DEMOCRATIC.
What are cafe numbers?
Corporate Average Fuel Economy (cafe) has to do with fuel economy numbers for a car maker. The US government mandates certain economy ratings.Corporate Average Fuel Economy (cafe) has to do with fuel economy numbers for a car maker. The US government mandates certain economy ratings.
How would the us government most likely react to a boom in the economy?
Increase government spending in order to stimulate the economy
Which economy is closer to US economy?
The US economy is closest to a capitalist economy system, although the US has been known to implement a few socialist policies (like more government intervention)
What kind of economy does the US have?
mixed market economy
After world war 2 the us switched from a manufacturing economy to a what kind of economy?
industrial
What kind of branch in government do Canada and the US have in common?
They both run under the free enterprise systems. There economy was built off of agriculture which is very important.
What did President Roosevelt do for the US economy?
He increased government spending
Calvin coolidge believed the US economy choukd be ran by who?
Calvin Coolidge believed that the US economy should be run by the government.
