Hey Mary, could you help me study US Econ-Systems for the test?
Yeah Tommy, of course.
First is private property, which is tangible or intangible things owned by individuals or firms over which their owners have exclusive and absolute legal rights, such as land, buildings, money, copyrights, patents, etc.
Freedom of choice, which is the freedom of economic agents to allocate their resources as they see fit, among the options (such as goods, services, or assets) that are available to them.
Anything else I need to know?
Profit, which is is the difference between the revenue received from the sale of an output and the opportunity cost of the inputs used.
Are we done yet?
Last one, competition, which is a condition where different economic firms seek to obtain a share of a limited good by varying the elements of the marketing mix: price, product, promotion and place.
Thanks a lot for helping me study, I hope I pass tomorrow.