Students' task this week will be to analyze the elements of America's market economy in a global setting. Students will need to research the American economy and how it has set itself up as being a contender with other countries. Students should also use past lessons to help them answer the following question. Look at information not only from your classes. Remember that if you use any outside sources, please cite them in your response.
QUESTION
How has Adam Smith's model of economics impacted the current American economy? Who are America's current contenders in the global market, and how do you think they will impact the supply and demand of what Americans would want globally.
Adam Smith's model of economics has impacted the current American economy through his ideas of a free market society, and how the role of government can be minimized through these businesses as we see in the Democracy of America today where the free market is very balanced between business owner and government. His model also has been impactful of How America pays its workers based on the danger and risks of jobs, and what these employees should be given, if they are to be putting their own life at risk (Investopedia). America's current contenders in the global market would mainly just be China as them and America are very high in the market above the others. I believe China will impact the supply and demand negatively of what American's want globally because they are contenders with them and are going to try every way to make America pay more for the demands that are needed and keep the supply limited for them so that they do not have an unlimited supply to be sold at a quicker rate.
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