Economics
Updated: 5/1/2020
Economics

Storyboard Text

  • Hi! I my name is Kelly and I just bought this house. I am really proud to call this my own private property.
  • Private property are objects that you can touch and you own yourself. You have full legal rights to the property.
  • Freedom of choice is the ability to choose between different options provided by outside sources.
  • When I am at this stand, I can choose what brand of soda I want to buy if they are available to me. someone can't tell me I can not buy one.
  • Profit is the amount of money you make on a good or service. It is the difference in the revenue received and the cost to make the product.
  • I Love Dogs
  • If I sell this shirt to my friend Carly for $15 and it cost $5 to make, my profit would be $10.
  • I Love Dogs
  • I Love Dogs
  • Competition is when sellers fight over sales and profit of similar goods and services.
  • I Love Dogs
  • This girl is my competition because she is selling a similar product. Carly will buy my shirt because it is cheaper than this other girls.
  • I Love Dogs
  • I Love Dogs