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Capitalistic vs Socialistic Structure: benefits to US business and citizens; also, how US capitalistic system influences world economy

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The U.S. is a capitalistic society. What are the advantages that businesses and individuals have in this economic structure versus in a socialistic structure? Provide one example of how the U.S. capitalistic economy has influenced the world economy. How has this affected the American business and the American citizen?

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Solution Summary

Economic structure and socialistic structure are discussed, as well as advantages of each for individuals and businesses. An example is also provided in terms of how the US capitalistic economy has impacted the world economy, as well as an analysis of how this has impacted American business and the American citizen. Approximately 565 words with 2 references.

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Economic structure and Socialistic structure:

Economic structure refers to the changing balance of output, employment, income and trade. Drawn from different economic sectors ranging from primary such as mining, farming and fishing to secondary such as industries, construction and manufacturing, to quaternary to tertiary sectors such as software industries, tourism and banking Socialistic structure refers to corporations that compete with the country for wealth and power (Riley, 2011).

Advantages that businesses and individuals have in the economic structure:

The economic structure of an organization is important for the progress of the country. The market force is the deciding factor in the economy of the organization. Consumers can work toward financial freedom and riches. Consumers and companies regulate the free market. A competitive market results from consumers and businesses that are presented with a wide ...

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