us ec.

us ec.
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  • Hey Tim, did you know we have an economics test today?
  • Oh my gosh. No, I had no idea!
  • U.S. economic system is based on four main principles , private property, freedom of choice, profit and compeition.
  • Don't worry I can help you study a little bit right now!
  • Oh no... I am going to fail this test!!!
  • First there is private preperty
  • Private Property you can own, use or dispose of things of value. You can buy and sell things and throw them out
  • So what is first?
  • Ok so I can buy anything I want, I just have to deal with what happens if I make a bad decision?
  • Next is freedom of choice, you can make economic decisions of your own. But you must accept the consequences. The decisions are made by you and not the gov.
  • What else is there?
  • Then there is profit, which is the moeny left after sales subtracting the costs of operating the business. People want to work hard to earn a larger profit
  • There is one more right?
  • Yes, last is competition which is a rivalry among busnieeses to sell goods to buyers. It motivates companies to improve quality, service, produces new things, & keep prices steady 
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