US+Economy

= **US ECONOMY** = -another name: Capitalism -closest thing to market economy =How does the US economy answer the 3 economic questions?= -individuals decide what to produce and how to produce it, and what they want to buy -supreme court decides what we can and can't do =Characteristics:= -private property -freedom of choice -profit -competition =Pros/Cons:=

Pros:
-individual freedom - free trade increases sales and profits for the U.S. businesses, thus strenghtening the economy - free trade creates U.S. middle class jobs over the longterm -you can choose your own career -freedom of speech

Cons:
-high unemployment rate (9.1%) - free trade has caused more U.S. job losses than gains, especially for higher-wage jobs - many free trade agreements are bad deals for the U.S. =Examples:= -if customers are not satisfied with one company's offerings, they will look for another choice