POB US Economic System

POB US Economic System

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  • I can't wait to learn about the United States economic systems on our field trip today!
  • Me too!
  • I forget, what are the four principles of the US economic system?
  • Let me check my worksheet while we are on the bus to D.C.
  • My notes here say that the four principles of the US economic system are private property, freedom of choice, profit and competition.
  • What is private property?
  • Private property is what you own, use, or dispose of items you value.
  • What is profit?
  • What is freedom of choice all about?
  • Freedom of choice is when you can make economic decisions independently and you must accept the consequences of those decisions.
  • Profit is the money left from sales after all of the costs of operating a business have been paid.
  • Finally, what is competition?
  • Thanks for all of your help! This trip has been awesome.
  • Competition is the rivalry among businesses to sell their goods and services.
  • Anytime!
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