Sure! As soon as we talk about the U.S. economic system.
Are you ready to play baseball?
What do you mean by Private Property?
Private Property means that you can use, own or get rid of things of value. You can own what you want as long as it does not violate the law. If you invent something, you are protected.
Businesses take risks and invest resources to make a profit. Profit is the money left over from sales or services left after all the costs of the costs of operating a business have been paid.
What does Profit mean?
What economy does the US have?
The US economic system is based on four principles: Private Property, Freedom of Choice, Profit and Competition
What do you mean by Freedom of Choice?
Freedom of Choice allows you to make economic decisions on your own and you must accept the consequences of those decisions.
Competition is the rivalry among businesses to sell their goods and services. It encourages businesses to improve products & practices, keep prices low and have good customer service. Now, let's play baseball!