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Hey I was wondering if you could help me learn about the US economic system.
I know the 4 important principals are:private property, freedom of choice, profit and competition.
Competition: Competition is the rivalry between business.
Private property:In the US you can own anything you want and decide what to do with it, as long as it is legal.
So I can buy anything I want?
As long as it won't get you in trouble with the law... yes!
Okay, I think i'm getting it!
Freedom of choice:You can make economic decisions independently and must accept the consequences of those decisions.
Can I buy new shoes with that?
hProfit: This is the money that is left after all other expenses of an operating business have been paid.
You sure can!
And that's it!
Thank you for helping me!
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