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Collin and Philip Fort Mill - A Market Economy
1
Definition:
an economic and political system in which a country's trade and industry are controlled by private owners for profit
Capitalism
For Example: The Town of Fort Mill
- The town relies on private enterprises to provide services to the town, minus some social services.
Private Property
Definition:
A legal designation for the ownership of property by non-governmental entities.
For Example: LPL Financial
- LPL has a property in the Kingsley region of Fort Mill. Not owned by the Government (taxes do not count).
Definition:
an individuals opportunity or autonomy to perform an action selected from tow or more options without being constrained by outside parties.
Freedom of Choice
For Example: QT 160 vs QT Gold Hill
To get snacks, drinks, and gas, consumers in FM, consumers here can decide which location they want to go to.
Definition:
A financial gain, especially the difference between the amount earned and the amount spent in operating, buying, or producing something.
Profit
For Example: Chick-Fil-A
- in 2017, Chick Fil A gained over $4,000,000 in sales, with a profit margin of 5.4%.
Source: https://www.entrepreneur.com/article/320615
Competition
Definition:
The act or process of trying to win something that someone else is trying to win.
For Example: Harris Teeter vs Publix
- Both grocery stores are doing well, but also compete against each other over grocery store superiority in Fort Mill.
“All our dreams can come true, if we have the courage to pursue them.”
-Walt Disney