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Principles of Business 1-3 Storyboard
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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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