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Can someone tell me the four important principles of the US economy?
Good morning Class! Today we are going to be reviewing the US economic system.
I know! Private property, freedom of choice, profit, and competition.
Great! Now can you guys explain them?
Freedom of choice is your right to make economic decisions, and accept the outcome.
Private property is your right to do whatever you want with your belongings.
Profit is the money left from sales that the business keeps.
You could invest the money, satisfy your wants, and even develop a new product.
Businesses offer better services, keep their prices reasonable, and produce new products
Competition is the rivalry among businesses. This improves businesses
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