Of course John! Lets hurry to class so we can have enough time to study for the quiz.
Good morning Teresa!, I was wondering if you could help me study the US economic systems before our quiz today in class?
The first principle is Private Property, Private property means that you can own, use, or dispose of things of value. This means that if an item is yours, you can do what ever you want with it.
Ok class, we are going to take our quiz in 15 minutes!
15 minutes?! Quick, what is the first US economic principle?
The second principle is freedom of choice. Freedom of choice means that an individual can make economic choices and they have to accept the consequences of these decisions. For example, owning property or buying and selling goods.
Ok, got it. Now what is the second US economic principle?
Got it! Do you know what the next one is?
The next principle is profit. Profit is the money left after you make sales of a good or service and subtract what it costed to sell it.
The final principle is competition. Competition is the rivalry among business's to sell their goods or services to buy goods. This helps keep prices reasonable and improve quality of the products
Ok, What is the final priciple?
Papers away! Quiz time!
Anytime! Good luck!
Thank you for helping me study Teresa! Good luck on your quiz!