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Economic Systems Daltan Tilghman
Testo Storyboard
- 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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