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Oh no! I have a big business test coming up and I am not prepared! Maybe I should text Claire so she can help me study!
Oh look Harman just texted me
I'm in space
beep boop bop beep
Hey Claire whats up
That's cool! Anyway, I have a big business test tomorrow and I was wondering if you could help me
Nothing much, just hanging out with my alien friends
What's private property and freedom of choice?
Sure thing Harman! There are 4 principles of the U.S. economic system. Private property, freedom of choice, profit, and competition
Thanks! What's profit and competition?
Private property is anything you can own, use, or dispose of things of value. Freedom of choice is your ability to make economic decisions independently and accept the consequences.
Great! Thank you so much for helping me!
Glad I could help. Good luck!
Profit is the money left from sales after subtracting all the costs of operating the business. Competition is rivalry among businesses.
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