Economics -- Week 7, Part A

The economic system of the United States leans toward the market model. The fact that there is limited government involvement and regulation, however, means that the U.S. economy is not a pure market model. Because the... The economic system of the United States leans toward the market model. The fact that there is limited government involvement and regulation, however, means that the U.S. economy is not a pure market model. Because the economic system of the United States is based on the freedom to make choices, it is often referred to as a free-enterprise system. Economists use the circular flow model to illustrate how the economic resources, goods and services, and payments are exchanged in the U.S. free-enterprise system. VIDEO OBJECTIVES - Describe the main features of free enterprise in the United States - Name the two markets of the circular flow model - Explain how the circular flow model reflects exchange
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