Principal of Business
Updated: 12/11/2019
Principal of Business
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  • U.S. Econ.
  • 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.
  • Quiet!!
  • Okay, the first important principal is private property. This means that you can own, use, and dispose of things of value.
  • U.S. Econ.
  • 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?
  • U.S. Econ.
  • 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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