In economics we have been learning about the United
States economy and some terminology that has to do with economy. For instance, consumer,
producer, and resource. Before taking this class I knew a little bit about the
economy and how it works. This was because I took economics when I was in
middle school, but I didn’t know much about the U.S economy.
In Economics we have been learning about the type of
system we have, which is a free enterprise system. This system is when a nation’s
economic decisions are the result of individual decisions by buyers and sellers
in the marketplace. We have also learned the common features of economic
systems and the questions that each of them must respond to. Yesterday we
learned about the principles of the free enterprise system. The six main
principles are freedom to choose our employment, right to private property,
profit motive, competition, consumer sovereignty, and freedom of contract.
In the past month that we have been taking economics I
have learned a lot of things I never knew. There are still some things I don’t know
about the United States economy that I want to know and I feel like I am going
to learn all about it in this class.
