Question

1. Trace the transformation of economic systems, and emphasize this transformation in the United States. (please use sociological terms if possible)

Answer 1

In the olden days there was the hunting and gathering society known as subsistenceeconomy where people could satisfy their basic needs with very little surplus..Native Americans lived in this type of economy.During the colonial period,many colonists lived either horticulture or pastoral society.There were little surpluses in these small semi permanent settlements and thus trade began.In the south ie in the agricultural areas more surpluses were generated andso there was increases in trade which created inequality.Later in these colonies industrial society became established , more products became available and consumption increased. Inequality and trade opportunities grew.In the industrial society thus developed, more emphasis was laid on producing and consuming goods, rather than  growing crops.After the industrial society,production of goods depended on technology and service.So there was remarkable development in trade and inequality grew.With the emergence of the bio tech society ,there will be greater surpluses,greater inequality and development of extensive trade .So with the technical progress of the society, there was increase in production but focus of production underwent a remarkable shift.As the economy progressed and changed there was greater surpluses, trade and inequality prevailed.