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Economics studies how society allocates its scarce productive resources (land, labor, capital, and entrepreneurial talent)

Economics

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Economics studies how society allocates its scarce productive resources (land, labor, capital, and entrepreneurial talent). Prior to beginning work on this discussion, read Chapter 2 in the course text, especially examining Sections 2.2 through 2.4, and respond to the following components:

Briefly describe the types of economic systems. What is the United States’ economic system and what are the characteristics of this economy?

What economic role or functions does the U.S. government conduct regularly?

Why is the U.S. government’s economic role important or unimportant for the U.S. economy? Discuss whether you favor a larger or smaller government role in the economy.