1. The U.S. Economic System

2. The U.S. Economic System
Capitalism: refers to private ownership of resources by individuals, rather than by the government.
Free enterprise: freedom of production and consumption.

3. Four Principles Private Property
You can own anything you want and decide what to do with it, as long as it does not violate the law.
Freedom of Choice
You can make decisions independently and must accept consequences of those decisions.

4. Four Principles One primary purpose of businesses is to earn a profit.
Profit is the money left from sales after all costs have been paid.
4. Competition
Competition forces businesses to improve products, keep costs low, provide effective customer service, and search for new ideas.