Hey Sam! By any chance do you know anything about what the U.S. economy is based on? I have a quiz on that today and completely forgot to study.
Actually, Luke, you're in luck! I took Principles of Business last semester so I remember all of that stuff.
The U.S. Economy is based on four different principles.
They are private property, freedom of choice, profit and competition, right?
Thank you! This is a lot of information, slow down a little because I have to write this all down.
Yeah! Private property means you can own, use, or dispose of things of value. Freedom of choice means that you can make economic decisions independently and must accept the consequences of those decisions.
Profit is the money left from sales after all the costs of operating a business have been paid.
I think I know the definition of the next one...
Competition is the rivalry among businesses to sell their goods and services.
Great job, that's right! Well good luck with your quiz, let me know how it goes.
Thank you so much for helping me! I got 100% on my quiz, all thanks to you!