Hey, wake up Jimbo! While you're here in prison I'm going to teach you about the United States economic system! Did you know that it best fits the definition of a market economy?
It is the middle of the night. I am sleeping.
Nonsense! There's never a bad time to learn about the United States economy! Let's start with the four important principles!
Dawg, you crazy!
The first principle is private property. This means that you can own, use, or dispose of things of value, like a house or a TV! Even businesses can own property!
Man, I don't own a house or a TV!
The second principle is freedom of choice. This means you can make economic decisions independently and must accept the consequences of those decisions.
You did that to yourself, Jimbo. Next time do not jaywalk. Anyway, back to the US economic system.
Man, I got no type of freedom in here!
The third principle is profit. This is the money left over after subtracting the cost of operating the business. It is the main reason businesses supply goods and services, and it helps the economy get strong.
So that you can turn your life around! Oh, look at that. My night shift is over! See ya!
Lady, why should a criminal like me care about the US economic system?
Oh yes! The last one is competition. This is rivalry among businesses to sell their goods and services. It encourages businesses to produce higher quality goods and keep prices reasonable!
Thanks guard! I feel like a new man after learning about the United States economic system!
Hey, guard! Didn't you say there were four important principles of the US economy?