Economic system

Economic system

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  • Hey Katie, what are you doing?
  • I actually know a lot on that topic, do you need help studying?
  • That would be great!
  • Hey Brian, I'm studying for my economic system quiz on Monday.
  • Private freedom: own, use, or dispose of things.
  • To start off let me show you an example of private freedom.
  • House for sale!
  • And finally, competition.
  • Competition: Rivalries among businesses to sell their own products to consumers. 
  • Buy this chair for $25
  • No buy this chair for only $20
  • For starters, there are four principles of the economic system.
  • They are private property, freedom of choice, profit and competition.
  • What are they?
  • Next there's profit and freedom of choice.
  • Freedom of Choice: You can make your own decisions on behalf of facing your own consequences.
  • Profit: Businesses supply goods and services to the marketplace to earn money.
  • decisions
  • Good vs. Bad
  • And so that's pretty much the economic system for you Katie
  • I'm glad, good luck on the quiz!
  • Thanks so much Brian, I feel like I know everything there is to know about economic systems now!
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