Mrs. Jones, I am not prepared for our test tomorrow on the U.S economic system. Is there any extra help I can get?
Fine.. We can go over the four principles of the U.S economic system
The first principle we will be discussing is Private property. With Private Property, you can own, use, or dispose of things with value. Businesses can also have private property.
The next principle is Freedom of Choice. With Freedom of Choice you are able to make economic decisions independently. These include buying property, producing, selling, and much more !
The third principle is Profit. The main reason all businesses and services exist is to make profit. Profit is the money left from sales after expenses. The chance to make profit causes people to work much harder which is a benefit to all.
The final principle is competition. Competition is rivalry's between businesses to sell their goods/services. Competition encourages businesses to improve quality, offer better service,keep prices reasonable, and produce new things.
Wow! Thank you so much Mrs. Jones, now I know I'm gonna get an A!
Anytime, just remember the four basic principles and you'll know the entire U.S economic system!