The American economic system is best characterized as __________.

Question

Quizplus · Accepted Answer

The American economic system is based on capitalism, which emphasizes private ownership and market competition to drive economic growth and development. This is evident in the country's emphasis on free markets, individualism, and entrepreneurship. While there are certainly elements of collectivism, isolationism, and mercantilism in the American economy, these are not the defining characteristics of the system. Similarly, while there are certainly socialist programs in the United States, the overall economic system is not best characterized as socialist.

The American Economic System Is Best Characterized as __________