Americans share several major economic and social goals including economic freedom, economic efficiency, economic equity, economic security, full employment, price stability, economic growth, and environmental/species preservation. However, these goals sometimes conflict and require trade-offs. The U.S. has a free enterprise or capitalist economic system characterized by economic freedom, voluntary exchange, profit motive, private property rights, and competition. In this system, entrepreneurs organize production, consumers decide what to produce through spending, and the government ensures economic and social goals are met as protector, provider and regulator.

1. Chapter 2 Economic Systems and Decision Making, part 2