I want to by something from this stand. I have been given the choice between a star chocolate bar or a bouncy ball and I don't know which to choose.
Freedom of choice
I want to take the bus to my next location, so I bought a bus ticket for $4 and it cost $2 for the bus company to make the ticket. So the company made a $2 profit.
I have a tennis match and I am competing against a friend to see who is better at the same sport.
FREEDOM OF CHOICE: Describes an individual's opportunity to perform an action selected from at least two available options. It is beneficial because it allows individuals to make decisions that best fit for them.
PROFIT: A financial gain, especially the difference between the amount earned and the amount spent in buying, operating, or producing something. It is beneficial because it allows people to make more money.
COMPETITION: The activity or condition of competing. It is beneficial because it allows different kinds of products to be on the market.
PRIVATE PROPERTY: A legal designation for the ownership of property by non-governmental legal entities. It is beneficial because it allows for a mixed economy where the houses are not owned by the government.
This is my house that I personally own and sustain.