Principal of Business
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Hey Liz, can you help me after class later? I'm very confused with four principals for the U.S. economy.
Of coarse! Meet me at my dorm later.
Okay, the first important principal is private property. This means that you can own, use, and dispose of things of value.
Got it. That means you can have the right to own something if you create it.
Ugh, I always drop this book. Anyway, I think the next one is freedom of choice?
Yes! This is having the freedom to make your own decisions. I have to go pick something up from the main building. Lets go take a walk.
But wait! Then what is profit?
U.S. Economy College
That's after all the money used for operating the business was subtracted!
Oh! Profit is easy. That is just the money that's left over after sales.
I think I get it! Okay, the last one is competition. Isn't that just rivalry between businesses?
You got it! Its just rivalry to sell their products! This also improves their quality and keeps costs reasonable.
That was easier than I thought! Profit, private property, freedom of choice, and competition. I'm going to ace this test! Thank you so much Liz!!
Anytime Emma! I think you're going to do great. Its getting late so we should head back. Good luck and let me know if you need anymore help!
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