Madison Hill Storyboard

Madison Hill Storyboard
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  • Today class we will be learning about the US Economic System.
  • The economic system is based on Four basic principles: Private Property, Freedom of choice, Profit, and Competition
  • Private Property means that you can own, use, or dispose of the things you own. So if you own something like a TV, you can choose what to do with it after you purchase it.
  • Freedom of choice states that you can make economic choices yourself, and are responsible of the outcome of those choices
  • Profit is the money left from sales after subtracting all the costs of operating a business. A business only makes money if they are making a profit.
  • And lastly, Competition is the rivalry among businesses to sell their goods/services to consumers. This encourages businesses to improve the quality of their product, along with the pricing
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