Hey George, I have to memorize the US Economic System and I think it would help if I tried teaching it to someone, do you mind if i teach it to you?
Of course! I would Love to help lets grab a bite to eat while you teach me.
Sounds good thank you
First we are going to talk about Private Property. Private property is when you can own, use, or dispose of things of value. Businesses can also own property.
Very good, what's next
The next principle is freedom of choice. You can make economic decisions independently and must except the consequences of those decisions.
Profit is the money left from sale after subtracting all the costs of operating a business. It is basically earning money.
The next principle Is Profit
The last Principle is Competition. Competition is rivalry among businesses to sell their good and services to buyers. This encourages businesses to improve quality, improve services, lower prices, and produce new things.
That was great I learned something new and now you are ready for your test