Today in class we will be FaceTiming and Skyping different people around the world to learn about their economy systems and one of the 4 principles of capitalism.
Welcome to America
Hi, I'm Anna and this is where I live! Here in Cuba my government owns and controls all of our resources. I work in this orange building behind me where I make a profit, which is the money left over from sales after operating costs have been paid.
Making a profit is important because now I can go buy food and clothing for my family. Without a profit I wouldn't be able to buy and needs or wants
Welcome to Africa
Nice to meet you, I'm John and this is my dog Scout. In my country we use a market economy. That means that our resources are owned and controlled by the people. This is my private property, which means its mine to own, use, or dispose of things of value.
Having private property is important because that's the reason I'm allowed to farm. These are my cows, this is my land, this is my private property. Without it I wouldn't have a job and I wouldn't be able to buy life's essentials.
How are you, I'm Marcus. I live in Africa where we have a traditional economy. This means that our goods and services are produced the same way they always have been. Here I have competition with all the other wheat farmers in my area.