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Five Factors Of A Successful Economy In The United States

786 Words4 Pages

The economy was built to trade, negotiate, buy, and sell goods to consumers. The economy relies on an entire network of producers, distributors, corporations, and consumers of goods to keep it up and running efficiently. The economic system was made to control five factors of production that are controlled by countries and government. The five factors are, labor, capital, entrepreneurship, physical resources, and informational resources. Each country’s economy runs differently, therefore individually, are successful but some are failing. Most countries try to export more than import. Exporting is better because it increases the countries GDP rather than decreasing it by importing.
Each country has at least one main resource or product that …show more content…

That’s why outsourcing jobs to other countries like Mexico or China is so big because, it’s cheaper labor costs and increases profit growth. Companies may see it as a “win win” but, it hurts a country’s economy by having less jobs available to the working class.
Let’s talk about successful economy’s why they’re so successful. The United States of America has one the most successful economies running today. The United States market surplus as well as market supply is at an all time high for natural resources. $19.42 trillion U.S. economy is 25% of the gross world product. The U.S. may have it’s strong points in the economy, it’s so called “effective tax rate” isn’t doing so well. In 2015, 150 million Americans filed for their tax return which the IRS assessed a tax of $1.454 trillion on …show more content…

There is one in particular that is in extreme trouble, Greece. No EU country has suffered more since the crash of 2008. Greece is the number one failing economy in the world right now due to market failure and other money related issues. Greece is standing at 177 percent GDP compared to the United Kingdom’s 89.1 GDP. Employment has fallen more than 22% which means one and every four Greeks are unemployed. Since then, with more than a million jobs lost. Household income dropped by 30% in three years. Investment and consumption are near zero. The ratio of central government debt to gross domestic product hit by the third quarter of the year

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