Tara Magee - U.S. Economic System

Tara Magee - U.S. Economic System

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  • Sure Marcus! Let's talk about it over lunch.
  • Hey Melissa, do you know the principles of the U.S. Economic system? I have a test tomorrow!
  • The first principle is private property. This allows you to own, use, or get rid of anything of value. Like your phone, or even your house!
  • Okay, that makes sense!
  • The next principle would be freedom of choice.  This means you have the right to make your own economic decisions, but you must be prepared for any possible consequences.
  • The third principle is profit. Profit is the money left after subtracting all of the operating costs. It helps the economy get strong!
  • Finally, the last principle is competition, or the rivalry among businesses. They all want to sell the most to buyers. It improves quality and keeps prices reasonable!
  • It makes so much more sense now, thank you Melissa! Bye!
  • Those are the four principles of the U.S. Economic System. I hope I helped, and good luck on your test!
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