Understanding Economic Systems - United States' Economics

BF10 - Principals of Business and Finance
United States' Economic System

1. UNDERSTANDING
Economic
S y s t e m s
https://flic.kr/p/fegC99

2. https://flic.kr/p/8pYagL
United States
Part 4:
Economic
System

3. https://flic.kr/p/qCbEo5
Capitalism
Economic system in which a country's trade and industry are
controlled by private owners for profit, rather than by the government

4. https://flic.kr/p/6mZSmM
While not it is not a total capitalistic economy, the
United States economy is based in capitalism.

5. https://flic.kr/p/dERZT6
Four
Of the United States Economic System Principals

6. https://flic.kr/p/dsxP1J
#1
Individuals can own, use, or dispose of things of value.
Private Property

7. https://flic.kr/p/dsxP1J
#2
Individuals can make decisions independently and must accept
consequences of those decisions.
Freedom of Choice

8. https://flic.kr/p/8kZpm
#3
The money left from sales after all of the costs of operating a
business have been paid.
Revenue – Expenses = Profit
Profit

9. https://flic.kr/p/fDvZYM
#4
The rivalry among businesses to sell their goods and services to
consumers and customers.
Competition

10. https://flic.kr/p/7AmHdy
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

11. https://flic.kr/p/88qSeT
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