Fall of The United States Economy

Question 1:
Assess the current strength of the United States Economy. Explain your answer using economic terms such as gross domestic product, unemployment, inflation, and trade deficit to support your answer.
The United States Economy fell by five percent during the first quarter of 2020. This has been the highest decline in GDP from 2008 secondary to the economic crisis brought by the COVID-19 pandemic. The pandemic has also increased the unemployment rate of the country from 3.6% in March 2020 to 14.7% in June 2020. Inflation rates were also affected by the pandemic resulting in a percentage of 1.5 in March 2020. However, this has lowered to 0.3% in April 2020 (Tradeeconomics.com, n.d.).
Question(2) 5:
In a free enterprise system, the emphasis is on the individual and their economic rights and responsibilities. Identify three different roles you as an individual may play in a free enterprise system. For each chosen role explain why that role is important in a free enterprise economy and how that role is interdependent with others. Additionally, discuss how the economic rights and responsibilities of individuals overlap with those of businesses.
Consumers are the principal members of a free enterprise system since the primary role of the consumers is to spend money to purchase necessities and wants. This role helps increase consumer confidence. Moreover, the consumers are given the liberty and autonomy to make economic choices. This is done by engaging in a voluntary exchange that affects the decisions of small and large businesses. Lastly, consumers need to express their desires to the companies through verbalization in the social media and interest groups (Vitez, n.d.).
These roles are significant in a free enterprise system since, without the consumer's sovereignty and ...