economic storyboard pt 2

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  • Selling gum: profit
  • Selling gum pt 2: competition
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  • Every once in a while, Mark sells gum in the halls to students, but at a higher price than he paid for it, and makes a profit. In capitalism, profit is defined as the money left from sales after operating costs. Profit is beneficial because you can make money to keep for yourself and spend at your leisure.
  •  Mark is not the only one selling gum now, so he will have to lower what he charges on it and possibly get better quality gum to keep successfully selling, and this represents competition. Competition is defined as rivalry among businesses to sell. Competition is beneficial because it keeps prices low and quality high for consumers.
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