Of course sweetie! Come downstairs and we can talk about it.
Mom, can you help me study? We have a test about the US economic system and I don't know anything about it!
The first principle is called private property. Private property is any belongings owned by individuals instead of the government. We have a right to private property, and can choose to buy, sell, or dispose of it.
I need to know about the 4 important principles of the US economy.
the second principle is freedom of choice. Freedom of choice means that we can make our own choices and deal with the consequences of those choices without government interference.
The third principle is profit. Businesses supply us with goods and services in order to make a profit, or extra money. Profit motive is what makes everyone work hard. It helps to strengthen our economy too.
The fourth principle is competition. Competition is rivalry among business in order to sell their goods. It encourages businesses to improve quality, offer better services, keep prices reasonable, and produce new things.
Thanks mom. Goodnight.
Now get some sleep. You can't pass a test if you can't stay awake!