U.S. Economic System

U.S. Economic System
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  • Tonight's Homework: What are the 4 Principles of the U.S. Economy and where might you find them in real life?
  • Can you help me with this homework for business class? I just can not understand the U.S. Economy!
  • Yes of course! It's actually really easy to understand. Let's go and I'll show you
  • This is my space ship toy. I know this because I bought it and now it is mine.
  • Oh yes that makes sense, that's why the first principle is right to private property!
  • Joe's Dentistry
  • The next principle of the economy is Competition. These two dentists have shops right next to each other and they're competing for customers
  • Kyle's Dental Office
  • Sundae $4
  • What is the next principle? Profit?
  • Well, the Coca-Cola is $2, but really the cost to make the soda is less than that, so the company makes money from you buying it.
  • Water $1 Coca-Cola $2
  • Sundae $4
  • I know the last one! I have the right to choose what I want to buy!
  • Yes, exactly. That's called freedom of choice. Those are the four principles. You got it!
  • Water $1 Coca-Cola $2
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