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Hey John, have you ever wondered what kind of economic system we live in?
I've been learning about those in school, but I would love to learn more about them!
Oh, I remember this now! With the right to private property, you can own, use and dispose of things of value.
Well, our mixed economic system there are four different important principles.
Very good! There is also freedom of choice, where you can make your own economic decisions, like the lunch we just bought.
Wow. That is really cool!
Yeah, and profit is also a very important part of our economy, and helps it to get stronger.
Oh yeah, my dad always talks about that one when he comes home from work!
Yeah! Well the final one I learned about is competition!
Oh yeah isn't that a rivalry among business to sell their goods and services to buyers?
Yeah I guess so! Well this is my stop. Thank you for walking me. I'm glad I could learn more about the U.S. economic situation.
Yep. It is. Wow it seems like you know a lot more about this than you thought!
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