The US Economic System
Q: What is the economic system in the United States?
A: Capitalist economy / market economy
Key economic features:
Free market — prices set by supply and demand
Private ownership — individuals and businesses own property
Competition — businesses compete for customers
Limited government regulation — though significant regulation exists
The Federal Reserve ("The Fed"):
Central bank of the United States
Controls monetary policy — sets interest rates
Regulates banks and financial institutions
Prints money (technically: authorizes the Bureau of Engraving and Printing)
Goal: stable prices and maximum employment
Q: What does it mean that the US has a free market economy?
Businesses decide what to produce and at what price. Consumers decide what to buy. Supply and demand determine prices. Government intervention is limited but not absent.
Q: Who prints paper money in the United States?
A: The Bureau of Engraving and Printing
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