Answer:
The three synonymous terms to describe the U.S. economic system are free enterprise, capitalism, and free market.
Explanation:
The United States economic system can usually be described in three words, namely; free enterprise, capitalism, and free market. These terms are outlined further as shown;
1. Free enterprise
Free enterprise is a type of economy where the prices of goods and service is determined by the market and not by regulatory agencies like the government. Free basically means something that is not restricted while enterprise simply means business, therefor a free enterprise is a business that is unrestricted from government control.
2. Capitalism
Capitalism is an economic state where business is controlled by private owners rather than by the state. In a capitalistic economy, business is conducted purely for profit. Capitalistic environments usually consists of; private ownership of property, competitive markets, wage labor and trade is voluntary.
3. Free market
A free market is an economic system where the supply and demand forces of market participants control the price. There is little or no government interference in the economy.
