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Word Count: 607
Economic systems are identified by how they answer the three questions of what how and for whom to produce Similarly they are theoretical representations of economies found throughout the world that demonstrate the distribution of control between people and the government The economic systems exist on a continuum with command economies on one side and the free markets on the other side The United States has a free market economy but with a notable amount of government intervention therefore it has a mixed economy The government acts as a provider and regulator of the United States mixed economy through setting legal limits and sensible policies for economic functions for the people In the United States decisions are made by individuals acting as participants within the market The federal state and local governments however make laws protecting private property and regulating certain areas of business Practiced in the United States today capitalism would be best defined as an economic system in which individuals own the factors of production but decide how to use them within legislated limits Nearly identical to capitalism the free enterprise system is another definition for the American economy The free enterprise system emphasizes that individuals are free to own and control aspects of production yet expands on the fact that government places legal restrictions on freedom of enterprise Zoning regulations child-labor laws hazardous waste rules and other regulations limit free enterprise to protect the anticipated entrepreneur and his or her surroundings When such rules are established freedom has is boundaries and is considered a privilege Consumers in a market economy have the advantage of being able to choose among products Contrasting to freedom of enterprise freedom of choice applies to only the buyers not the sellers Although buyers are free to make choices the market has grown into an increasingly complex place A consumers choice determines the success or failure of a good or service The profit incentive is the desire to
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