Principles of Business

Principles of Business
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  • Mathew and Kayla were home alone one Thursday Afternoon after school
  • Economics? I took an economics course Freshmen year.
  • Matt, in school we were learning about economics, and I'm confused.
  • Mathew pulled out his laptop and showed Kayla his classwork.
  • Private property, Freedom of choice, Profit, and Competition.
  • Basically, there are four key principles in economics.
  • Mathew continued to explain the basic principles to his sister in prep for her quiz in school .
  • Private property means you can own something and do whatever you want with it. 
  • So if I made something, I have a right to sell it.
  • So what's the difference between profit and competition?
  • They continued their discussion on the drive to school.
  • Compeititon is when businesses fight to sell their goods and make more money.
  • Profit is the money that's left after a business pays for everything else. 
  • And don't forget we have the freedom of choice. We make economic decisions-
  • -by ourselves, and we have to accept the consequences.
  • Kayla took her quiz and got a perfect score.
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