Economic Principals
Updated: 12/11/2019
Economic Principals
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Storyboard Text

  • 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.
  • Interesting!
  • 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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