What do I do, my US Economic system exam is tomorrow and I didn't study!
Worry not child, I am your spirit guide and I am here to help!
The Right to private property means that, you the consumer can own, use, and/or dispose of objects of value how you please. Also you can own anything as long as it is not illegal to do so, and if you invent something you are protected from others claiming your ideas.
The first principle of the US Economy is the Right to Private Property.
The second principle of the US Economy is Freedom of Choice
The Freedom of choice means that you can make any econmic choice you want but you must accept all effects both positive and negative.
Please tell me about profit in the US Economy
Sure, businesses send resources on risks to earn profit. Profit is money left over after covering operating costs. But remeber profit is never garanteed, so investors may loose money that is part of the risk.
The final principle of the US Economy is competition.
Competition is the rivalry between businesses to sell good and services. Consumers get to choose between many products and services for what is the best in their opinion, this forces businesses to improve their product and/or lower the price.
I must go my people need me in the spirit realm.
Thank you spirit guide I am eternally in your debt.