Characteristics of US Economy
The rivalry between McDonald's and Burger King has been growing over the years. It is a great part of the US Economy because consumers are constantly debating which restaurant to purchase from, and the businesses constantly keep adding new items to their menus, and lowering prices. This is an example of competition and economic freedom, because Burger King and McDonald's demonstrate struggle to capture the consumer's attention, and the consumers have the choice as to which restaurant they go to and what they buy.
This image shows that since consumers want a certain brand of a good, demand drives the creation of the product, and the people determine what they purchase, through consumer sovereignty. As more people demand a product, the supply goes up and newer versions of the product are created due to the consumers. This brand name shoe, VANS, is quite popular among people, so its supply and demand increases. Supply and demand are play a large role in the US Economy.
The stock market is a place in which goods and services are exchanged. Human resources are exchanged for capital resources, and items are bought through transactions between buyers and sellers. The stock market is quite high in the US Economy, and affects it in many ways. This demonstrates marketing, and represents interactions between consumers and businesses.