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  • Freedom of Choice
  • Private Property
  • Market Economy
  • This is Lily. Lily is traveling around the world this summer to check off some things off her bucket list. Lily has the right to choose whether or not she wants to travel or not. This is called Freedom of Choice. Freedom of Choice is to make decisions and accept the consequences of those decisions. Lily benefits from this by having the ability to go and travel whenever she likes.
  • Competition
  • Lily  has now boarded her plane and is traveling along with  a suitcase. Lily's  suitcase is her private   property since she bought it  and she now owns it.  Private Property is to own, use, or dispose   of things of value.  Lily benefits from this being her  private property  because no one else can take this from her unless of law enforcement. 
  • Mixed Economy
  • Lily is now in New York.  Since Lily already lives in the U.S,  she knows that America is a Market Economy. Market Economy is where resources are owned and controlled by the people of the country.  People of the U.S. benefit from this by having the right to freedom and to own or do whatever they want with exceptions of the law. Because of the Market  Economy, Lily can go and explore   the city.
  • Profit
  • Lily is now on her plane and the flight attendant is comparing the sponsored   drinks of her airlines against a salesperson selling  a different drink, these drinksn are competition.  Competition is rivalry against businesses to sell which encourages improved products and practices and lower prices. This is beneficial because consumers can receive better and improved products due to their competition.
  • Lily has arrived at India where it is an mixed economy. A mixed economy is combined elements of command and market economies. The government controls the production of goods and services, but the resources are owned by individuals. At India Lily bought a water but on the bottle it says produced from government. 
  • Since Lily has been saving money and provided herself enough money left over from sales, she is traveling again. This is called Profit, Profit is the money left from sales after operating costs of business have been paid. Lily benefits from this by being prepared and using her profit to travel more.
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