Principles of Business
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Help, Rebecca! I have no idea what the U.S. economic systems are! I have a test next period!
Don't worry! I can help you learn all about them!
The first is private property! This means that people have a right to do whatever they want with things they buy. For example, after you buy a house, you can remodel it or resell it!
That makes sense!
The next is freedom of choice! This means you are allowed to make decisions without the government's help, but you have to accept the consequences. For example, investing money into a company.
Another system is profit! This means that people can do work to earn money to use for whatever they like. For example, after working and selling something, the left over money is your profit!
So, leftover money after a sale is profit?
The final system is competition. This is rivalry between two companies and can encourage companies to perform even better and have cheaper prices!
So, basically it is something that encourages businesses to work harder?
Oh, there is the bell. I hope that makes sense for your test later!
Yes, thank you! I feel much more prepared now.
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