The US economy refers to the economic system of the United States, which is a mixed economy and is characterized by private ownership, free markets, and limited government intervention. It's one of the largest and most influential economies in the world.
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Gross Domestic Product (GDP): This is like the total sales at our supermarket analogy. It's the total value of all goods and services produced within a country in a given period.
Inflation: This would be like if prices at our supermarket started rising across the board. Inflation is an overall increase in price levels in an economy over time.
Federal Reserve System: This is like our store manager’s boss who sets policies that affect how things run at a macro level. It's America's central banking system that controls monetary policy.