United States Economy

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Current economic of United States
United States is one of the prosperous developed country in the world. It is always on the cutting edge of technology and innovation. The gross domestic product of America is the top one compared to other countries, which means that the United States has a strong economy. As we all know, the current president of the US is Barack Obama. He is the first African American president. Prior to Obama’s presidency, US has just experienced a financial crisis during 2008, but now US’s economy has become better and better.
United States is more of a free market system on the economic spectrum. People also call it capitalism, which is when government involved not much and people are free to do business. Capitalism creates a lot of wealth, but the downside is the problem of inequality. According to the book Understanding Business, under capitalism, people have more “incentive to work efficiently and hard because profits are retained by owners” (Nickels, J. M. McHugh, and S. M. McHugh 45). This is why United States has a great economic growth but the disparity between entrepreneurs, the risk taker, and workers could be huge.
Since United States is a free market system, there will be four types of competition. There are perfect competition, monopolistic competition, …show more content…

This is because the economic indicators is looking good for now. The government is helping small businesses by lowering the interest rate. However, the economy is like a circle. There are good times and there are bad times. Even though the economy is good for now, it can’t be good forever. I don’t know when the economy will get into recession and for what reason, but this is how it works. Something bad will happen and the GDP will fall and people will lose their job. So the unemployment rate goes

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