Jim was walking down the street one day. Jim lives in the U.S. He stops at a newspaper stand to buy the daily newspaper. He can buy whatever newspaper he wants because that is called freedom of choice. Freedom of choice is the legal light the choose what you do or choose what you want.
Jim lives in America. The U.S is an example of a mixed economy. A mixed economy is an economic system combining private and public enterprise. This economy allows Jim to have freedom of choice. This is very beneficial because it allows people to make their own choices.
Jim then went to Mcdonalds where he experienced competition. There was a conflict between him going to Burger King or Mcdonalds. Competition is a rivalry among businesses to sell which incourages improved products and practices and lower prices. This is beneficial because it will create better products and and lower prices for consumers.
This is Lee. He is from North Korea. North Korea is an example of a command economy. A command economy is where resources are owned and controlled by the government.
Lee is being kicked off the construction site because it is private property. Private property is land that is owned and controlled by a person or the government. This is beneficial because it allows a person to own land and do what they want with it.
Lee then goes to a restaurant to eat. There are not many places to choose from because there is not much competition in a command economy.