Meet Jim, he is currently looking for a new car. First, he will research various car dealerships around the area.
While looking for cars Jim chose Mercedes Benz. This demonstrates Freedom of Choice, which is the ability to freely make choices. While He was on the computer Jim was able to choose between a lot of brands, and ultimately chose Mercedes Benz. Freedom Of Choice is beneficial because it allows people to be different from others and they can choose which companies product they want to buy.
While shopping for a car the salesman kept pushing Jim towards the more expensive car. This is an example of Profit, which is the money left after the companies sales and operation costs. The salesman pushed Jim towards the more expensive car so his company would make a bigger profit on the purchase. A benefit of profit is that it allows companies to pay employees and research ways to make their products better.
On the way home from the car dealership Jim decided to get some food. He narrowed it down to Chick Fil'A,McDonalds,and Taco Bell. Eventually he decided to get McDonalds because they had an ad on tv for a new cheeseburger that was only 99 cents.
This shows competition which is the Rivalry among Businesses to sell which encourages improved products and practices and lower prices. Jim ultimately chose McDonalds because it had advertised lower prices than the competitors. Competition is beneficial because it stops a single company from being too powerful or from being the only one to make a certain product.
He finally made it to his house after a long day. This is an example of private property, which is to own, use, or dispose of things of value. Jim's private property is his house and the new car he purchased. Private Property is beneficial because it allows consumers to own the things they buy,have a place to live,and their own source of transportation.