US CITIZENSHIP TEST PREPARATION

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: -Capitalism is the economic system in the United States. It is a market economy. Capitalism means that people, not the government, own most businesses. In the U.S., businesses decide what to sell.

Detailed explanation-3: -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-4: -The production of goods and services under capitalism is based on supply and demand in the general market-known as a market economy-rather than through central planning-known as a planned economy or command economy. The purest form of capitalism is free market or laissez-faire capitalism.