Meet Thomas. He is about to go on a long trip to learn about all the different Economies all around the world.
Place #2: Cuba
Thomas made a profit at the fair. All the money he spent was the the same as all the fun he had. Profit means a financial gain, especially the difference between the amount earned and the amount spent in buying, operating, or producing something.
Place #3: USA
Thomas showed Freedom of choice by sitting wherever he wanted to. Freedom of Choice describes an individual's opportunity and autonomy to perform an action selected from at least two available options, unconstrained by external parties.
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Thomas decided to switch up the trip and travel to a country that has a Command Economy. Here in Cuba the government controls all the businesses and how much they produce products. The people have no say.
Thomas flew back home and realized the United States had one of the best Market Economy. Market economy is one in which price and production is controlled by buyers and sellers freely conducting business. United States economy where the investment and production decisions are based on supply and demand.
Thomas went to the mall and saw that his two favorite stores were right next to each other, Nike and Adidas. They ere having a competition. A competition is the rivalry among sellers trying to achieve such goals as increasing profits