economic systems

economic systems

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  • Oi lad can you help me with the US economic system? cause i have pass my major in economics and i have no idea what this is
  • sure buddy no problem but we have to do this on my terms
  • i somewhat understand what your saying but i need more.
  • step 2 freedom of choice- the choice to make economic decisions personally and must accept the consequences of those said decisions
  • and competition? 
  • competition is the rivaly between businesses to sell goods/services to consumers 
  • Why are u all the way over there i thought u were helping me ?!
  • I said on my terms. step 1 is private property - can own or dispose of things of value. 
  • what about profit?
  • profit is the money left from sales after deducting all the cost of running said business 
  • hey thanks bro i feel like i understand everything about the 4 principles economic systems pretty well now 
  • hey, dont mention it now go ace that final after we celebrate a bit.
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