understanding economic systems - united states' economics
TRANSCRIPT
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Capitalism Economic system in which a country's trade and industry are
controlled by private owners for profit, rather than by the government
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While not it is not a total capitalistic economy, the
United States economy is based in capitalism.
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#1
Individuals can own, use, or dispose of things of value.
Private Property
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#2
Individuals can make decisions independently and must accept
consequences of those decisions.
Freedom of Choice
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#3
The money left from sales after all of the costs of operating a
business have been paid.
Revenue – Expenses = Profit
Profit
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#4
The rivalry among businesses to sell their goods and services to
consumers and customers.
Competition
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Buy and use goods and services. The Consumers’ role in a market
economy is to decide what to buy, where to buy, from whom to buy,
and what price they are willing to pay.
Consumers