US economic system
Updated: 12/13/2019
US economic system
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Storyboard Text

  • Taking a look at today's forecast, it seems there are 4 Basic Principles coming our way.
  • Chance of Clouds: 100%
  • Private Property
  • Coming in is "Private Property". That means you can own, use, or dispose of things of value.
  • Some examples include computers, houses, and cars.
  • Here we have "Freedom of Choice".
  • This allows you to make your own economic decisions and accept the consequences that come with those decisions.
  • Freedom of Choice
  • Competition
  • Coming up next we have "Competition". This is the rivalry among business to sell their goods/ services to buyers.
  • Competition encourages businesses to improve quality, offer better service, keep prices reasonable, and produce new things.
  • "Profit motive" is the desire to work hard and be creative to earn higher profits.
  • And finally, rolling in is "Profit". That is the money left after subtracting the costs of operating the business from the earnings. The goal of every business it to have high profits.
  • Profit
  • That's all for today's forecast! Stay tuned for further business updates.
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