Different Economies

Different Economies
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  • Flashback
  • Flashback
  • Now lets talk about profit. Profit is the income businesses make.
  • Flashback
  • Our next topic is competition.
  • The freedom of choice is important because you are able to make your own decisions.
  • Flashback
  • Private property is our final topic of the day, and its when private ownership of property without government entities.
  • Mrs. Welber went to say that profit is important because it funds the company operations and helps grow their business. Companies cannot remain in business with a profit.
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  • Mrs Welber explained that compassion is when people compete against another person. She said that businesses who are selling similar products will try and compete for their customers.
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  • Mrs Welber said that traditional economy uses private property.
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