Principles of Business
Updated: 12/11/2019
Principles of Business
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Storyboard Text

  • Do you know what four principles the United States Economic System is based on?
  • Of Course! Private Property, Freedom of Choice, Profit, and Competition!
  • My client was not doing anything wrong by trespassing on your client's private property.
  • Because it's his private property, it means that my client had exclusive and absolute rights over it.
  • Actually, freedom of choice means an individual's opportunity and ability to decide between two different possible actions.
  • Freedom of Choice is the freedom to say what you feel and be able to share your opinions
  • Competition is when multiple people are competing for something that not everyone can have.
  • So like us trying to compete to win in basketball?
  • Pretty similar. Competition gives us new inventions because companies are trying to one up their competitors by making new advancements
  • Yeah!
  • Oh I get it, like us trying to make new plays to defeat our competition.
  • The four principles of the US Economy make it the successful mixed economy it is today.
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