Hi Anna, I have been trying to get into the business industry in the United States. Do you think you can teach me about what the principles are in the US economy system, and what kind of economy we have in the US?
Yeah of course I can. I know a lot about the US economic system. First, the US is a market economy. This means that the individuals answer the three economic questions. Also, the principles of the Us economic system is profit, competition, freedom of choice, private property.
What is the principle competition mean?
This principle means that business have a rivalry among each other to sell their goods and services. They all want to sell the most.
What is the principle profit mean?
This principle means the money you earn off of you business. The money left from the sales you made after all of the cost from operating a business has been paid is your profit.
What is the principle private property mean?
This principle means you can own, use, or dispose of things of value. In the US you can own anything you want and decide what you want to do with it.
What does the principle freedom of choice mean?
Freedom of choice means that you can make economic decisions on your own and you must accept what happens because of that choice.
This is my house. Thank you so much Anna for teaching me about the US economic system. I can finally start working in the business industry.
Yeah anytime, Ben. I hope your working in the business industry is a success.