ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -Capitalism is the economic system in the United States. It is a market economy. Capitalism means that people, not the government, own most businesses.

Detailed explanation-2: -The United States is a highly developed mixed-market economy. It is the world’s largest economy by nominal GDP, and the second-largest by purchasing power parity (PPP) behind China. It has the world’s seventh-highest per capita GDP (nominal) and the eighth-highest per capita GDP (PPP) as of 2022.

Detailed explanation-3: -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-4: -The United States is said to have a mixed economy because privately owned businesses and government both play important roles. Indeed, some of the most enduring debates of American economic history focus on the relative roles of the public and private sectors.