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– Nelson Mandela

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Discussion 5 Economics_Social environment

Discussion 5 Economics_Social environment

Q Now that you have been introduced to different economic systems in Chapter 17 and the government's role in the economy in Chapter 18, watch the video "5 Reasons Income Inequality Has Become a Major Political Issue" about the growing wealth gap in the U.S. Answer the following questions in a post of at least 150 words: 1. What type of economic system does the U.S. have? 2. In what ways does the U.S. government intervene in the economy? Who benefits from government intervention? 3. According to the video, what economic changes have lead to the growing income inequality in the U.S.? In what ways do you feel the impact of income inequality in your own life?

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The economic system in America has seen various diversification and chaos, which have led to numerous changes. However, one thing that has existed always and has also been rising steadily has been the income inequality between the different social classes, which operate on a mixed market, as there are both capitalists owners and free markets as well. The problem is that the rich get richer, but the middle-class bears the brunt and is slowly sloping downwards, and the low-income class has continued to be in the struggling stage.