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Hey guys I'm Jake. This week is my spring break. I have been planning to travel the world for so long now!
The first choice I had to make was what airline I was going to use. There are so many choices and I'm free to choose which ever I want.
This freedom of choice makes company's compete for my money. This allows me as a consumer to choose which ever company has the lowest prices.
They need to be careful because they need to make the prices high enough to make money. This is called their profit.
This is Cudoba. Farmers here are told what to grow by the government. This farmer was told he could only grow potatoes.
This is a Command Economy.
Welcome to Goovast. Here the people decide what to buy and sell. They also choose the price.
I'm Billy I own the shop down the street. I sell my burgers for $2.50.
This is a Market Economy.
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