US Economic System
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Principles of Business - 3rd Block
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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