3. Economic systems are divided into three broad categories: free market, mixed and command. The determining factor comes down to who owns and controls property and the factors of production. In a free-market economy, private individuals or groups are in control. The government is in control of a command economy
4. In a free market economy, the law of supply and demand, rather than a central government, regulates production and labor. Companies sell goods and services at the highest price consumers are willing to pay while workers earn the highest wages companies are willing to pay for their services.
the united states emerge as one of the two dominant, superpowers turning away from its traditional isolationism and toward increased international environment
