The document defines different types of economic systems and characteristics of the American economy. It discusses traditional, command, market, and mixed economies. The key aspects of a market economy outlined are private property, profit incentive, freedom of choice, competition, and limited government control. However, the US has a mixed economy with government intervention to ensure economic goals like freedom, efficiency, equity, security, stability, and growth. Individuals have responsibilities in a free market system to support themselves, use education productively, and elect responsible officials.