The document discusses the key principles of the United States economic system of capitalism. It identifies four main principles: private property, freedom of choice, profit, and competition. It also outlines the roles of consumers and producers in a market economy, with consumers deciding what to buy and producers determining what products and services to offer.

1. UNDERSTANDING
Economic
S y s t e m s
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UnitedStates
Part4:
Economic
System

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CapitalismEconomic 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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Four
Of the United States Economic System
Principals

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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.
FreedomofChoice

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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

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Individuals and organizations that determine what products and
services will be available for sale. The role of producers is to
determine what products and services will be available, what needs
and wants they will satisfy, and the prices they want to receive.
Producers