Critically and briefly discuss the existing economic systems of the United States and its distinctive features from the economic systems of the United Kingdom and Japan.
An economic system is the formulae that a government or a country uses to allocate and dispense the available goods and services effectively to the stated region. The main aim of an economic system is to deliver people with the least living standards and quality of life.
Answer and Explanation: 1
The United States has a mixed system of economy, the most common one being a market economy system. Market economy gives individual producers and customers the chance to determine the specification of goods and services generated and the prices of the speculated products. A command economy is another economic system used in the US, and it's organized by the federal government, which owns the majority of businesses and the government officials initiate all the factors of production. The United States and the United Kingdom used a mixed economic system, while Japan applies a free-market economic system. The Japanese and the UK living standards are slightly lower than the standard of living of the United States. Both Japan and UK have suffered low economic growth while the economy in the US has been sturdier.
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fromChapter 3 / Lesson 40
In this lesson, you'll learn about the three major forms of economic systems, including planned, market, and mixed market economies. You'll also explore the five factors of production and the roles they play in the exchange of products or services.