ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -The U.S. has a mixed economy, exhibiting characteristics of both capitalism and socialism. Such a mixed economy embraces the free market when it comes to capital use, but it also allows for government intervention for the public good.

Detailed explanation-2: -The economy is controlled by individual people, not by the government. The United States is a capitalist, market economy.

Detailed explanation-3: -Created by the United States Constitution, the U.S. has a mixed economy, meaning that it combines elements of the command and market economic models. In terms of consumer goods and business services, the United States economy operates as a free market.

Detailed explanation-4: -The U.S. has a mixed economy that blends some aspects of command and market economies. Relative to other countries around the world, the U.S. is among the more market-oriented nations, but it imposes strict regulations and controls in some areas.

Detailed explanation-5: -Singapore’s economy is considered the freest, followed by Switzerland and Ireland, according to the Heritage Foundation’s 2022 Index of Economic Freedom. The United States ranks just 25th on the list. Venezuela and North Korea ranked last in terms of economic freedom in 2022.