If Spending Patterns Do Not Change, by 2030 Expenditures for Social

question 4

Essay

If spending patterns do not change, by 2030 expenditures for Social Security and Medicare are expected to consume roughly___________ % of the entire gross domestic product (GDP) of the United States.

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Definitions:

Market System

An economic system in which decisions regarding investment, production, and distribution are guided by the price signals created by the forces of supply and demand.

Private Ownership

The holding of property by non-governmental legal entities or individuals, allowing control and use of the property according to the owner's preferences.

Dollar Votes

The “votes” that consumers cast for the production of preferred products when they purchase those products rather than the alternatives that were also available.

Product Market

A marketplace where final goods or services are bought and sold by consumers, businesses, and the government.