4 important principles

4 important principles

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  • As stella gets ready for another day at school, before she goes downstairs she pauses in her room for a quick second remembering she has a quiz in business class.
  • what were those four principles i was supposed to memorize? 
  • she heads downstairs to the kitchen to get her breakfast still pondering over what she was supposed to remember for the quiz, then it hits her!
  • OH YEA! private property , freedom of choice, competitor, and profit.
  • Ma, i need to remember what the definitions of these 4 important topics for my quiz are can you help me with this one?? 
  • I heard what you said up the stairs and I can help! Those are the 4 important principles of the U.S economic system.
  • Stella's mom waits for her at the dining  table and realizes there's a confused look on her face, so she asks whats the matter.
  • Like our house, all of the furniture in it and the pool in the back!
  • private property is what we have the right to own, use or throw away
  • stella and her mom walk to the sitting area to talk more about these vocab her dad and sister kacy to get some more information!
  • oh I know another one! freedom of choice 
  • yes and these are the economic decisions we choose to make but we have to accept the consequences of them.
  • Yea and Im the one who has to clean it up :((, but next is profit which is the money left after subtracting all of the cost from operating a business.
  • HAHA! like us buying roofus, but having to deal with the consequences of the messes he always makes.
  • an example would be apple competing with samsung in phone sales to see who can make the most profit.
  • With that stella was off and on her way to school ready for her quiz!
  • Next we have competition which  among business to sell their goods and services to buyers.  
  • Thanks you guys now i feel i a lot more prepared and have more knowledge!!
  • it offers better services keeps prices reasonable produces new things improve quality.
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