U.S Economic System

U.S Economic System

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  • Maya can you help me study the U.S economic system?
  • Of course!
  • What are the 4 types of economies in the United States?
  • Private property Freedom of choice Profit Competition
  • Very good!!
  • Explain what private property economy is.
  • You can own, use, or dispose of things of value
  • Explain the freedom of choice economy in the U.S.
  • You can make economic decisions independently and must accept the consequences of those decisions. 
  • basically the use is to earn money
  • The desire to work hard and be creative to earn a higher profit is called a profit motive. 
  • Explain what a profit economy means.
  • Last one! What does a competition economy mean?
  • it means to have rivalry among business top sell their goods/ services to buyers
  • Thank you so much for helping me study!
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