us economic system
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hey ava do you understand how our economy works? how is it set up and what principles is it made up of?
yeah drew, I do know we can walk around town so I can show you if you want
the first principle is private property. for example, you own that computer, lamp, desk, rug, door etc.
the second principle is freedom of choice. for example, you have the freedom to choose the things you buy, make, own, and sell.
right! all your decisions are made by you and not the government
oh okay so the government can't control what economic decisions I make.
the third principle is profit. profit is the money left from sales after subtracting all the costs of operating the business
oh so basically the fair makes a profit off the ride tickets that they sell
yup! they also make profit from their food sales, 50/50 tickets, and the games
the last principle is competition, and it refers to the rivalry between businesses
oh, so for example those bakeries are competition to one another and so are those law firms
I hope that helped drew
it has thank you so much ava! I now know the four principles of our economy!
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