Learning Objectives

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

15.2 Understand key social indictors used to describe the state of the economy and labor market, including employment and unemployment.

15.3 Discuss current and potential eff ects of automation and artifi cial intelligence on the labor market.

15.4 Compare the economic characteristics of capitalism and communism.

15.5 Distinguish between the formal and informal economy.

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

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