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  • 2. Absolutely!
  • 1. Sir, as an economist will you educate me on the US Economy?
  • 2. Wow! what are we, the US?
  • 1. There are serveral types of economies. Listed, they are market economy, command economy, mixed economy, and a traditional economy.
  • 2. What is capitalism?
  • 2. Oh, so it's like an invisible hand that drives the Economy! I guess the right to private property allows for profit and competition because producers can do what they want.
  • 1. We are a mixed economy in which we combine aspects of both the market economy which is capitalism and the command economy which is communism.
  • 1. Capitalism is when the economy is controlled by the producers and consumers and the government has no say.
  • 3. Exactly!
  • 2. So Communism must be when the government controls everything and the people have no say? 
  • 2. The US Economy is mostly based off of  the four principles of private property, freedom of choice, profit, and competition.
  • 1. What is the Basis for the US Economy?
  • 1.Profit and competition tend to be similar because companies strive to make the best products for the most profit and they try to beat out all of the other people in the market.
  • 3. Exactly.
  • 5. Now you're getting it!
  • 4. Freedom of choice must also be that the market providers get to choose what they want to do to their business and provide for the market.
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