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Yo Marc what is our test on today?
It's on the four principals of the U.S. Economic System.
You mind explaining what they are again?
Yea sure, the four important principals are private property, freedom of choice, profit and competition.
What do they mean though?
Well private private property means a legal designation for the ownership of property by non-governmental legal entities.
Freedom of choice describes an individual's opportunity and autonomy to perform an action selected from at least two available options, unconstrained by external parties
Profit is the profitability measurement that calculates the amount that revenues received from selling a product exceeds opportunity costs incurred from using resources to make and sell products.
Last, Competition is rivalry among sellers where each seller tries to increase sales, profits and market share by varying the marketing mix of price, product, distribution and promotion.
Geez, I don't know what I would do without you Marc.
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