Learning Objectives

15.1 Describe the three major economic revolutions that have shaped the contemporary world.

15.2 Discuss current and potential effects of automation and artificial intelligence on the labor market.

15.3 Compare the economic characteristics of capitalism and communism.

15.4 Distinguish between the formal and informal economy.

15.5 Describe historical and contemporary trends in U.S. consumption and consumer debt.

15.6 Discuss the relationship between globalization and the U.S. economy.