Son and Father US Economy
Updated: 12/20/2019
Son and Father US Economy
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Storyboard Text

  • 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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