Economic Systems Daltan Tilghman

Hey dad I need some help on a project.
Okay son, what's it about?
The U.S economic Systems. How is Private Property and economic system?
Private Property is an economic system because it is used to make money, like how we use our farm to make money.
Ok, but what about Freedom of Choice?
Freedom of Choice is an economic system, because it allows people to choice their career and how they handle their resources. I chose to be a farmer, and that was my economic decision.
Ok that makes sense, but what about Profit?
The economy all has to do with money, and the profit the people make. When we make a profit it helps us and the economy.
Ok so competition will be bad for the economy because we would fight for profit right?
No actually competition helps the economy. It keeps production high and provides multiple places to get recourses from not just one which would be bad.
Wow so even competition is good for the economy?Thanks dad.
Yeah, and it all ties together as well. For example I chose to be a farmer, so I use my property to make a profit, and my competitors keep me trying to do better so I don't lose customers.

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