Question

Is the current United States economy trending up or down? Use three economic indicators in response. How would you describe the US’s economic system and why? How would describe China’s economic system and why?

Answer 1

Due to current pandemic The current U.S. Economy trending down because of sharp drop in real ( Inflation adjusted ) Gross domestic product and the prospect of a larger drop to come as large swaths of the Economy shut down in March due to the pandemic made clear that the economic expansion that began in June 2009 had ended.the Economic consequences of the public health crisis and the measures taken in response will continue to affect the course of the Economy and new developments may not show up immediately in the monthly or quarterly data.the unprecedented magnitude of the decline in employment and production and it's broad reach across the entire Economy,warrants the designation of this episode as a recession.

U.S. is a mixed Economy exhibiting characteristics of both capitalism and socialism.such a mixed Economy embrace Economic freedom when it comes to Capital use but it also allows for government intervention for the public good.

The Economy of China describe as socialism with Chinese characteristics since the 12th national Congress of the CCP in 1982 is a mixed socialist market Economy which is composed of state owned enterprises and domestic and foreign private businesses and uses Economic planning.