Question

please answer this in a compelte, wel explained essay format. please answer both for thumbs up

Directions: Two of the following questions will appear on the Final Exam. You will have to answer both. Answers should be complete, coherent, and cogent. They should demonstrate your mastery of the concepts and terminology covered in lectures and the text. These are essay questions, not short-answer questions. Generally speaking, good answers to these questions will probably require at least a couple of solid paragraphs. Your goal here should be to demonstrate how well you know this material. 1) Is the U.S. economy "successful"? Elaborate. 2) Commodities have an intrinsic value. This seems at first blush to make them an attractive form of money. Yet, we do not use them. Why not?

Answer 1

1. Yes, the US economy is thriving. There are many reasons for this, such as large land resources, open land, a legacy of free enterprise, free flow of immigrants, a favorable marketing system, and good democratic governance, all contributing to the success of the American economy. The U.S. has an economic system that supports entrepreneurship. The United States has a more developed equity finance system, including angel investors willing to finance startups and the venture capital market financing financial institutions. The US also has a large decentralized banking system with thousands of small banks lending to institutions. The U.S. has vast natural resources, a climate conducive to agriculture, and extensive ports and waterways. The US also has a good workforce. The U.S. specializes in world-class universities, high-tech enterprises, innovative research systems, medical research systems, banking and insurance systems. The US has educational systems that attract foreign students. The U.S. is characterized by an efficient labor market, government industries, trade unions, and employment opportunities. The US also has a suitable housing law for those who want to immigrate to the United States. The U.S. also has a decentralized governance system, governed by the state and the center, and has the ability to keep inflation stable. From this we can see that the US economy is successful

2. The good money has a variety of characteristics that must be divisible, acceptable, affordable, and portable. Commodities may or may not have any of these characteristics. Commodities cannot be used as a medium of exchange as currencies do. Commodities have another use other than cash, and they can be used in any form other than cash, so there is a significant opportunity cost when they are used in cash. For example, if you use rice as a commodity, you will not have food made with it. Keeping track of the goods and the method of disbursement also becomes difficult. It is difficult to establish a value for goods. This is because goods from one unit to another are not attractive.