US Economic System

US Economic System

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  • Jenn, I need your help, I have to learn the four principles of the U.S. economic system for business class. 
  • Oh that's easy! Let's walk around town a bit while I tell you!!
  • Okay so while we wait what is private property?
  • Private property is that you can own, use, or dispose of things that you value. 
  • Another principle is freedom of choice. This means that you can make economic decisions by yourself and you have to accept those consequences.
  • The next one is profit I think..
  • Yeah, profit is the money left over from sales after subtracting the costs of operating the business.
  • And the last one is competition, the rivalry against businesses to sell their goods to buyers.
  • Where are you going?!?
  • To this cool spot... follow me!!
  • This is it? Do you realize how late it is?!?
  • Oopsies...
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