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Great Recession 2007.

In December 2007, the United States, and most of Europe, entered the longest post–World War II recession, often called a "Great Recession." Major problems included a housing market crisis, a subprime mortgage crisis, soaring oil prices, an automotive industry crisis, rising unemployment, and the worst financial crisis since the Great Depression.

14. What type of economy does the US maintain? What are its features?

The United States has a capitalist mixed economy, which is fueled by abundant natural resources, a well-developed infrastructure, and high productivity.^[133] According to the International Monetary Fund, the U.S. GDP of $15.1 trillion constitutes 22% of the gross world product at market exchange rates and over 19% of the gross world product at purchasing power parity (PPP). The U.S. dollar is the world's primary reserve currency.^[135]

15. What is the essence of economic freedom afforded to the private sector?

A central feature of the U.S. economy is the economic freedom afforded to the private sector by allowing the private sector to make the majority of economic decisions in determining the direction and scale of what the U.S. economy produces.^[69] This is enhanced by relatively low levels of regulation and government involvement,^[70] as well as a court system that generally protects property rights and enforces contracts. Today, the United States is home to 29.6 million small businesses, 30% of the world's millionaires, 40% of the world's billionaires, as well as 139 of the world's 500 largest companies.

16. Research, development and entrepreneurship in the US. The concept of start-ups. Why are Americans “venturesome consumers”?

The United States has been a leader in scientific research and technological innovation since the late 19th century. In 1876, Alexander Graham Bell was awarded the first U.S. patent for the telephone. Thomas Edison's laboratory developed the phonograph, the first long-lasting light bulb, and the first viable movie camera. Nikola Tesla pioneered the AC induction motor and high frequency power transmission used in radio. In the early 20th century, the automobile companies of Ransom E. Olds and Henry Ford popularized the assembly line.

An angel investor or angel (also known as a business angel or informal investor) is an affluent individual who provides capital for a business start-up, usually in exchange for convertible debt or ownership equity. A small but increasing number of angel investors organize themselves into angel groups or angel networks to share research and pool their investment capital, as well as to provide advice to their portfolio companies.

A startup company or startup is a company or temporary organization designed to search for a repeatable and scalable business model.

Americans are “venturesome consumers” who are unusually willing to try new products of all sorts, and to pester manufacturers to improve their products.

17. What is the composition of the US economy in terms of sectors: services, manufacture, and agriculture.

Although most of the U.S. economy is composed of services, the United States is the world's largest manufacturer, with a 2009 industrial output of US$2.33 trillion. Its manufacturing output is greater than of Germany, France, India, and Brazil combined.^[125] Main industries include petroleum, steel, automobiles, construction machinery, aerospace, agricultural machinery, telecommunications, chemicals, electronics, food processing, consumer goods, lumber, and mining. The US leads the world in airplane manufacturing,^[126] which represents a large portion of US industrial output.

Although agriculture comprises less than two percent of the economy, the United States is a net exporter of food. With vast tracts of temperate arable land, technologically advanced agribusiness, and agricultural subsidies, the United States controls almost half of world grain exports.^[135] Products include wheat, corn, other grains, fruits, vegetables, cotton; beef, pork, poultry, dairy products; forest products; fish.