Principles of Business

Principles of Business

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  • Hey Stella, can I come over today to study for out US test? I am really confused on the US Economic System.
  • Of course, I'm about the catch the bus home now 
  • There are four principles to the US Economic System. Do you know what those are? 
  • Yes, they are private property, freedom of choice, profit, and competition. I don't really know the meaning behind them though. 
  • The first one is private property. The right of private property means you can own, use, or dispose of things of value 
  • Oh, so for example if I'm on the property of someone's and they don't want me there they can kick me out 
  • Got it,I think I am ready for the test! Thank you again! See you tomorrow!
  • The next one is freedom of choice right?
  • Yes, it means that you can make economic decisions independently and must accept the consequences of those decisions. 
  • Now the next one is Profit. It is the money left from sales after all of the costs of operating a buisness have been paid.
  • Oh, so if I owned a buisness the profit I make would be anything after all expenses have been paid
  • Before you leave there is one more and that is competition. Competition is the rivalry among businesses to sell their goods and services. 
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