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Principles of Business 1-3 Storyboard
Updated: 12/11/2019
Principles of Business 1-3 Storyboard
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Storyboard Text

  • Hey! Is there anyway you could go over today's lesson with me from principles of business? I don't understand the U.S economic system.
  • Yes of course. First we learned that the U.S. economy is based off of 4 important principles: private property, freedom of choice, profit, and competition.
  • Private property means you can own, use, or dispose of things of value.
  • Okay so for example when you own a house or a tv you can buy, sell, or throw it out.Next is freedom of choice right?
  • Yes! Freedom of choice means you can make economic decisions independently and must accept the consequences of those decisions.
  • Right, so for example owning property, buying things, producing and selling, and work. You can make decisions rather than the government.
  • Next is profit. Profit is when businesses supply goods and services to the marketplace for one main reason. Do you know what that reason is?
  • Yes to earn money.
  • Correct! Last is competition. It is rivalry among businesses to see their goods/services to buys. It encourages businesses to do many things. Do you know what any of those things are?
  • Yes! It encourages them to improve quality, offer better service, keeps pries reasonable and produce new things.
  • Exactly! Well that's everything that we learned about regarding the U.S. economic system and its 4 important principles.
  • Thank you so much for your help! I understand everything now!
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