Hi, I am Brielly. Nice to meet you. I need help with some things before I take my test.
First off we are going to start with The U.S. Economic System that is based off of four principles. Do you know what they are?
I believe it is Private Property, Freedom of choice, Profit and Competition.
Correct. Lets start with private property which is property owned by individuals and businesses. This is instead of the government. People can buy, sell, and use this any way they want as long as it is within the law.
Okay! How about Freedom of choice?
Yes, this is where you can buy and sell whatever you want. You can also pick which job you want to do. You can receive success or failure. Lets meet again at school tomorrow before your test.
Okay, thank you so much for this lesson!
I am so nervous for this test. Can we quickly go over Profit and competition?
Lets continue this discussion in the hallway so you are not late for the test.
Of course! Profit is the income that remains after the costs of doing business that has been deducted from the receipts of the sale of good and services.
Okay, only a couple minutes left. Can you tell me what competition is? If you get this you will be perfect for your test.
Yes!!! I got it! I am so ready for this test! Thank you!
Oh I know this one! It is companies that struggle with other seller to provide the buyers with the best products for low prices. Competition keeps business on there toes to look for better ways to satisfy customers wants.