Questions About Remote Learning?

US Economic System
Updated: 10/20/2020
US Economic System
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Storyboard Text

  • Hi, I have a huge exam that I need to study for tomorrow. Do you think you could help me with the definition of private property?
  • Sure!! Private Property is a system that limits certain people and is only owned by a single person or group.
  • ...and so I was talking to my friend the other day and he was like, "I'm allowed to get mad over someone's opinion if it's wrong". I was like, "No, that's not how it works". Everyone has the freedom to have their own opinion.
  • Yeah, your friend doesn't know what he's talking about. Freedom of choice is when a person has their own idea of something and forms their own opinion. Everyone has a right to this and people should know how to talk about it without taking offense.
  • I was in a meeting earlier and the boss asked me how to define profits and I completely said the wrong thing. Totally embarrassed myself
  • Ah, I get it. Profit is actually quite simple. Profit is the financial gain between the amount earned and spent in buying, producing or operating something.
  • So I was trying to teach my students about competition between businesses and they were asking so many good questions that I didn't know how to explain it to them. It's not very good on my part.
  • Yeah, I get you. It can get overwhelming. So competition is just is the rivalry between companies selling similar products and services with the goal of achieving revenue, profit, and market share growth
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