Types of economies

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  • I will now be showing you all the principles of capitalism such as, private property, freedom of choice, profit and competition
  • This is my private property and it is beneficial because it allows me to be able to have shelter, store food and many other things
  • For example I can choose to eat healthier foods and have a healthy body but not enjoy what I am eating, or I can eat bad and be unhealthy but enjoy how it tastes
  • This is beneficial because it can teach people to make better decisions to help them in the long run
  • Now we will be looking at the Principles of Capitalism
  • Businesses can benefit from this because it allows them to make money while satisfying their customers/clients
  • Private Property- Private property is owning, using, or disposing things of value
  • Competition is beneficial for the customers because they will be getting better deals on higher quality objects such as these two cars
  • Freedom of Choice- Freedom of choice is making decisions and accepting the consequences of those decisions 
  • Thank you for joining Alfred on his adventure to many different places across the globe 
  • Profit- Profit is the money left from sales after operating costs of business have been paid
  • Competition- Competition is a rivalry among businesses to sell which encourages improved products and practices and lower prices
  • This was Alfred's adventure showing you the different economies in the world, and the principles of capitalism.
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