That was good but I wanna see what else there is
This is James, he wants to find the best food in town. He is visiting different places to eat in his area
How much is the food
While eating James learns one of the principles of capitalism which is freedom of choice. This is the ability to freely make choices and accept consequences. James was able to choose between two different foods to eat so he gets what he wants.
James is experienced another principle of capitalism, competition. Competition is rivalry between two businesses to sell their product. Another place to eat is trying to sell James food, this place is rivaled with the other place James was at.
James discovers profit which is a gain or benefit which is usually monetary. An example would be how much this restaurant makes off of costumers paying to eat
The total will be $11.75
Private property is tangible and intangibles owned by firms or individuals that have all rights to their property. James notices that this place is private property and can't go here with out the owners consent
Some on owns this as their own private property
James has just learned command economy. In command economy resources are owned and controlled by government. The government decides what gets produced and what is sold. Examples of command economy are North Korea and Cuba.