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I have a test today on the U.S. economic system! I am so confused!
Don't worry! I will help you understand it before your test!
Okay, so my first question is what kind of economic system does the U.S. have?
The U.S. has a market economy. This means that resources are owned and controlled by the people of the country.
Okay thank you! I also need to know the four important principals of the economy.
Okay! Lest start with two of them: private property and freedom of choice.
Private property means that you can own, use, or dispose of things of value. Freedom of choice means that you can make economic decisions independently and accept the consequences of those actions.
This is a lot, but I think I got it! What are the other two?
There is profit and competition.
Profit means that businesses supply goods and services to the marketplace for one main reason-to earn money. Competition is the rivalry among business to sell their goods and services to buyers.
You're welcome! Good luck!
Okay! thank you so much for all your help! Wish me luck!
I knew all the answers on my test!
I knew you could do it!
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