economic issues
Storyboard Text
- Hi Honey! How was school?
- That's okay, I can tell you about it over a snack.
- Woof
- It was good, we learned about The Phil. economic system but I still don't really understand it.
- Thank you! Yeah, Our teachersaid that there are 4 important principles: private property, freedom of choice, profit, and competition.
- Here is your drink. Now why don't we talk about the Phil. economic system! What did you learn about?
- Oh, so like our TV? we bought it and now we use it, and if we wanted to we could throw it away!
- That's exactly right!
- To have private property is to own, use, or dispose of things of value.
- Wow, what is freedom of choice?
- Oh! Its like when you buy a house.
- It means that you can make economic decisions on your own and accept your consequences.
- So whats up with profit?
- That is the money that businesses get when they sell products after subtracting the cost to make the product.
- Thanks mom! I understand it much more now!
- No problem Honey!
- The final principle is competition, that is when there is rivalry between businesses for their goods or services.
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