Son and Father US Economy
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How was your day today? What did you learn about?
Today, I learned about the US economy in my Principles of Business class.
Could you tell me more about each one?
The basic principles of the US economic system are private property, freedom of choice, profit, and lastly, competition.
Private property is something that you can own, use, or dispose of. Private property has some kind of value. For example, our house would be considered private property.
Freedom of choice allows someone to make economic decisions independently. This includes the decision to buy, sell, and work.
Profit is all the money left over from sales after subtracting all of the operation costs of the business. This creates a desire to work hard.
And finally, I learned about competition. This is the rivalry between two similar businesses to sell goods and services to buyers.
Wow! Thank you so much son for talking to be about the US Economic System!
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