Intro to business

Intro to business

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  • Mixed Economy are combined elements of command and market economies. An example of mixed economy would include China,Canada,Russia and Sweden. 
  • Now we are going to talk about the Principles of capitalism. There are 4 types... 1.Freedom of choice  2.Profit 3.Competition  4.Private Property 
  • Freedom of choice is to make decisions and accept the consequences of those decisions. Freedom of choice is beneficial because we then meet the required fulfillment of being human beings. 
  • Profit is money left from sales after operating all costs of business have been paid. Profit is beneficial so companies can make more money and make more products to sell. 
  • Competition is rivalry among businesses to sell which encourages improved products an practices and lower prices. Competition is beneficial because two companies compete among one another and it keeps prices reasonable. 
  • Private property is to own,use,or dispose of things of value. Private property is beneficial because it is essential for the development of self reliance. 
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