Today we will be traveling to see allabout The 4 Principles of Capitilism and their benefits
Profit
The way I got onto this plane was paying the flight company, so i get my flight and they get their share of money. This is what we call profit. This benefits the buisness and helps it stay running
Freedom of Choice
Freedom of Choice allows me to do anything I want or looking forward
I had the choice to go anywhere I wanted and I chose San Francisco. This is called Freedon of Choice
Food
That would be $7
Money left from sales after operating cost of business have been paid
Competition
To make decisions and accept the consequences of those descisions
Private Property
$40
How much?
How much for the supreme burger with fries and a drink
Rivalry among businesses to sell which encourages improved products and practices for lower price
This is what competition is, rivarly against buisnesses to sell something good for a good price. This is key role in economics because this is what helps buisnesses maximize profit
There was many places I could have gone to buy a buger, but chose this one because its the best for its value
To own, use, or dispose of things of value
Private property is beneficial because when I purchase something, it becomes mine to keep forever
These shoes are the stores property, but once I pay for them they become my private property.