Types Of Economics Storyborad Kenzie and Jade
Storyboard Text
- I want to by something from this stand. I have been given the choice between a star chocolate bar or a bouncy ball and I don't know which to choose.
- Freedom of choice
- Profit
- I want to take the bus to my next location, so I bought a bus ticket for $4 and it cost $2 for the bus company to make the ticket. So the company made a $2 profit.
- Competition
- I have a tennis match and I am competing against a friend to see who is better at the same sport.
- FREEDOM OF CHOICE: Describes an individual's opportunity to perform an action selected from at least two available options. It is beneficial because it allows individuals to make decisions that best fit for them.
- Private property
- PROFIT: A financial gain, especially the difference between the amount earned and the amount spent in buying, operating, or producing something. It is beneficial because it allows people to make more money.
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- COMPETITION: The activity or condition of competing. It is beneficial because it allows different kinds of products to be on the market.
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- PRIVATE PROPERTY: A legal designation for the ownership of property by non-governmental legal entities. It is beneficial because it allows for a mixed economy where the houses are not owned by the government.
- This is my house that I personally own and sustain.
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