Economic System
Updated: 5/1/2020
Economic System

Storyboard Text

  • I learned today that my cat is private property.
  • Private Property are things owned where they have absolute rights over the object. I'm standing in private property.
  • I can get anything I would like at this restaurant. This is freedom of choice, the ability to decide which resources are for me to purchase or use.
  • At this candy store, I can buy this piece of candy for $2 and sell it for $3 to make a profit of $1. Profit is a financial gain from business minus expenses.
  • Companies like Ford, Honda, and Toyota have mutual competition. Competition is a condition where rivalry exists between businesses selling similar products
  • These are the Four Economic Principles
  • Created by Daniel Moehringer