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.
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