The Vacation (Pt. 2)

The Vacation (Pt. 2)

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  • Day Five: San Diego
  • Let's look in there!
  • Anne's Bakery & Coffee House
  • Day Six: North Korea
  • Hello, and welcome to North Korea!
  • Day Seven: Flight to US
  • I dont know which flight to pick..
  • After traveling through Los Angeles, Lily spends the day with one of her friends that lives in San Diego. The girls spend the day shopping and touring the city. When they purchase items from a store, they are increasing that shop's profit. Profit is money left from sales after operating costs of that business have been paid. Since purchases increase a business's revenue, they also increase its profit.
  • Day Eight: Florida
  • I'm so happy to finally be back in my market economy & home!
  • Finally, Lily makes her last stop (outside of the US) on her vacation-- North Korea. While visiting, she realizes the meaning of a command economy. A command economy is when resources are owned and controlled by the government. In North Korea, the government dictates agricultural production quotas, therefore making it a command economy.
  • Day Nine: The Idea
  • On her way back to the US, Lily was faced with more examples of freedom of choice and competition. She was able to choose the time and company of her flight, as well as foods while at the airport. She choose between the competing flight providers and restaurants.
  • Day Ten: The Business
  • Lets look in Lily's Boutique!
  • Finally arriving back home, Lily now appreciates the market economy that she is used to in the USA. A market economy is when resources are owned and controlled by the people of the country. Another term for the US economic system is capitalism.
  • One day Lily was walking along the beach when suddenly she came up with an idea.. to start her own business! Since she lives in a market economy, she has the ability to own private property, gain profit, and add to competition!
  • What if I started my own business?
  • After months of planning and careful investment, Lily opens her own clothing business in Miami! Upon her opening, she increases competition among other clothing stores in the area and gains profit for herself.
  • Now Open: Lily's Boutique!
  • Yeah I heard they have nice clothes!
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