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Line 239: − − ''See also:'' [[United States and innovation]] and [[Labor productivity rate of the United States]]
→Economy
== Economy ==
== Economy ==
The US has the largest and [[United States and innovation|most technologically powerful economy]] in the world, with a very high GDP per capita of $68,309 (2021). In this market-oriented economy, private individuals and business firms make most of the decisions, and the federal and state governments buy needed goods and services predominantly in the private marketplace. American business firms enjoy greater flexibility than their counterparts in [[China]], [[Europe]], and [[Japan]] in decisions to expand capital plants, lay off surplus workers, and develop new products. At the same time, they face higher barriers to entering their rivals' home markets than foreign firms face entering US markets. US firms are at or near the forefront of technological advances, especially in computers and in medical, aerospace, and military equipment; their advantage has narrowed since the end of World War II, mostly due to the economic explosion of China.
The US has the largest and [[United States and innovation|most technologically powerful economy]] in the world, with a very high GDP per capita of $68,309 (2021). In this market-oriented economy, private individuals and business firms make most of the decisions, and the federal and state governments buy needed goods and services predominantly in the private marketplace. American business firms enjoy greater flexibility than their counterparts in [[China]], [[Europe]], and [[Japan]] in decisions to expand capital plants, lay off surplus workers, and develop new products. At the same time, they face higher barriers to entering their rivals' home markets than foreign firms face entering US markets. US firms are at or near the forefront of technological advances, especially in computers and in medical, aerospace, and military equipment; their advantage has narrowed since the end of World War II, mostly due to the economic explosion of China.