US Economic System
Updated: 5/1/2020
US Economic System

Storyboard Text

  • 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.