What is the economic system in the United States?

The economic system in the United States is characterized primarily as a capitalist economy. Capitalism is defined by private ownership of resources and means of production, where individuals and businesses operate in a competitive market with minimal government intervention. This system supports the principles of supply and demand, allowing prices to be determined by market forces rather than centralized planning.

In the U.S. capitalist framework, individuals have the freedom to pursue their own economic interests, which fosters innovation and competition. Businesses seek to maximize profits, leading to a variety of goods and services being available to consumers. This dynamic environment encourages efficiency and consumer choice, as businesses must constantly adapt to meet the needs and preferences of the market.

While the United States does incorporate elements of a mixed economy, where government plays a role in regulating certain aspects and providing public services, the defining characteristic that aligns with the question is capitalism. Thus, the focus on private enterprise and limited government involvement in most economic activities solidifies the U.S. as predominantly a capitalist economy.