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- Hey Mom! Today in school we started taling about Ecoonomic Systems. I was really confused and since you work in business I thought you coud help.
- Of course sweetie. What could I explain for you?
- The teacher started off with Private Property and Freedom of Choice. Thoe I can't remeber which is which.
- Well. the difference is priv. propery you can own, use, or dispose of things of value. Meanwhile, Freedom of choice you cancan make decisions independently and must acceptconsequences of those decisions.
- Oh. I confused those two up. Wait? So what is the difference between Profit and Competition?
- Once you unerstand they get extremely easy to see the diffeence.
- Lets get into Profit and Competition
- Profit ismoney left from sales after all of the costs of operating a businesshave been paid and competition is the rivalry among businesses to sell their goods and services.
- That makes much more sense!
- Of course. Just remeber the differences and it will get easier. Business is fun once you understand more.
- Thank you Mom! This heled alot.
- Ofc Son!
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