US Economic System
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Private property is something one owns and is tangible to them.
For example, this Cafe is my private property because I own it.
Freedom of choice is an individuals right to choose between two or more actions.
This is an example because I am deciding between two magazines.
An example of freedom of choice is deciding which magazine to get.
Profit is the amount of money received from revenue and explicit costs.
For example, if a company had $350,000 in revenues and $250,000 in explicit costs, their profit would be $100,000.
Competition is when companies compete against one another.
They try to vary their prices and promotions to get more customers/profit.
An example would be two phone companies like Apple and Samsung.
They both try to make better products and make their pries lower or higher to get more customers and profit.