USA Economic System
Updated: 12/11/2019
USA Economic System
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Storyboard Text

  • Hey David, in class today when Mr. C was teaching about our economy I was a little confused. Do you think you can help explain it to me?
  • Sure! The first thing you will need to know is that the basis of the US economy is that it is based on a market economy, or capitalism.
  • Oh! I remember that, it's the private ownership of resources by individuals, right?
  • Exactly. The economy is molded around 4 principles: private property, freedom or choice, profit, and competition.
  • I remember private property. That's the right to use own and dispose of things of value. I can't remember what Freedom of Choice is about.
  • Freedom of Choice means that you can make economic decisions independently, but must accept the consequences of those decisions. It basically means that we have a right to decide where to shop, what to buy and how much we want to spend.
  • I think I remember profit. That's the money left over from sales after all operating costs have already been paid, right?
  • Exactly. Competition is the rivalry among businesses to sell their goods and services. Competition encourages businesses to improve their products and keep their prices low.
  • Thanks for the lesson! I'm so glad I understand it now.
  • Of course. Let me know if you need more help!
  • Thank you for walking me home! I had so much fun.
  • Anytime. See you tomorrow!
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