US Economic System
Updated: 12/11/2019
US Economic System
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Storyboard Description

Principles of Business - 3rd Block

Storyboard Text

  • I should really stop robbing people...but I don't know how to make good economic decisions.
  • Looks like you need to learn a bit about the U.S. economic system!
  • In this country, you can own anything you want and decide what you want to do with it, as long as it is legal!
  • The right of private property means you can own, use, or dispose of things of value.
  • If you buy (not rob) a shirt in this store, it is yours to do with as you please.
  • Freedom of choice means that you can make economic decisions independently and must accept the consequences of those decisions.
  • Business owners can decide where to open a business, what to sell, and how to operate.
  • You can decide where to shop and what to buy - as long as it doesn't pose harm to others!
  • Profit is the money left from sales after all of the costs of operating a business have been paid.
  • (Legally) making a profit is also personally rewarding!
  • Profit is the main reason businesses invest resources and take risks.
  • The rivalry among businesses to sell their goods and services is known as competition.
  • Competition is what allows you to buy cheaper and improved products.
  • Wow! Thank you! Now I know a little more about how to make good economic decisions.
  • And those are the basics regarding our great country's economic system!
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