US Economic System - Joshua Siedman

US Economic System - Joshua Siedman
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  • Hello Bob! Do you describe the US Economic System for me? I have a test on the US Economic System tomorrow.
  • Sure! The US Economic System is an example of a market economy, where resourcesare owned by the  citizens. The US Economic System is based on 4 principles.
  • What is the second principle?
  • The first principle is called "Freedom of Choice".  Freedom of Choice means that you can make independent economic decisions, and that you accept the consequences. Business owners can decide how to run a business. Consumers also can decide where to spend their money, and what to spend it on.
  • What is the fourth principle?
  • The first principle is called "Competition". Competition is the rivalry between businesses to sell their products to consumers. Consumers have many choices of products or services they want or need, and then they will select the product or service that they like due to many factors.
  • What is the first principle?
  • The first principle is called "Private Property". Private Property means that you can own, use, or dispose of things of value. You can do whatever you want to something you own, as log as it isn't illegal, and people can't steal your property.
  • What is the third principle?
  • The first principle is called "Profit".  Profit means that businesses invest resources and take risks to make money. Profit is the money left from sales after all of the costs of operating a business have been payed. Investors could loose money, but they could also gain a lot more money.
  • Thanks for the help! I'll see you in school tomrrow!
  • Anytime! I'll see you tomorrow as well!
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