The role of the United States and China are pacesetting in the global economy. Greater cooperation will be essential to support the robustness of both economies. As a way of approaching this challenge, the Ministry of Economy of China has invited you to present a seminar to its key staff to better understand the conceptual framework of microeconomics in the U.S. economy. The minister feels that if his staff is better able to understand the U.S. perspective on microeconomics, the two countries might be able to work in a more cooperative way in the global economy. To do this means that you must prepare a conceptual briefing paper on the basics of the U.S. economy that will prepare the minister’s staff for your insightful seminar to follow. Please remember that this is a preliminary briefing paper that will be used to prepare Ministry of Economy staff for the seminar; it is not the seminar itself. Your briefing paper should include the following: