Hi, I'm Bob. There is nothing left for me here, so I'm going to college.
Freedom of choice is one of the 4 principles of Capitalism. It states that you can make decisions on your own and accept the consequences. Bob wants to leave his home and go to college. This is a choice that Bob made on his own.
Profit is any money left from sales after operating costs of business have been paid. This extra money allows Bob to buy private property. Private property is owned, used, or disposed of, by the owner. In this case, Bob.
Competition is rivalry among businesses to sell which encourages improved products and practices lower products. If it weren't for Bob's competitors, he would not have made as much money, because consumers could not have bought his cheaply made phones.
I never would have made this much money if my competitors didn't pressure to sell better phones.
With the profit I made, I finally can buy the house I have always wanted!