us economic system
Updated: 12/11/2019
us economic system
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Storyboard Text

  • 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
  • sure!
  • 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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