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  • The fist principle is profit. Profit is a financial gain, especially the difference between the amount earned and the amount spent in buying, operating, or producing something.
  • Benefit: Business has money to spend
  • Next is freedom of choice, which is an individual's opportunity and autonomy to perform an action selected from at least two available options, unconstrained by external parties
  • I have to chose one
  • Benefit: consumers get to choose the good or services that fulfills their wants
  • Another principle is competition. Competition is the rivalry among businesses to out perform the other
  • Nike
  • Adidas
  • Benefit: businesses make better, cheaper products
  • Benefit: You have the right to do what you want with it
  • The last principle is Private property, which is a legal designation for the ownership of property by non-governmental legal entities
  • Thank you for reading, and I hope you learned something new about the different types of economies.
  • Types of Economies By: Will Berron
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