The present economic system of the United States would be most accurately described as free market economy while the present economic system of China would be most accurately described as socialist economic system of China.
What is an economic system?
This refers to the method used by a society to produce and distribute goods and services depending on their goals and values.
Types of economic system:
- Traditional economy: This means an economic system in which people produce and distribute goods according to customs handed down from generation to generation.
- Command economy: This is an economic system in which the government makes all economic decisions.
- Market economy: This is an economic system in which individual choice and voluntary exchange direct economic decisions
- Socialism: This is an economic system in which the government owns some or all of the factors of production.
- Communism: This is an economic system in which the government owns all the factors of production and there is little to no political freedom
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