This is Tyrone, he just made his high school baseball team. Now he has to go around town to different stores to buy some new gear for the season.
Here's our glove selections
As Tyrone was picking out what cleats he wanted for the season he ran into one of the four principles of capitalism- Freedom of Choice. This gives you the option to freely make choices, and accept the consequences. When searching for his shoes he had a choice of what shoe he wanted to pick for the season.
While searching for a bat Tyrone ran into a traditional economy. Traditional economy are goods and services that are produced the same way it has always been done. The clerk was explaining the bat was Louisville slugger and how they have been making bats the same way for a long time. So we ended up talking of traditional economy in Africa and how they have always done stuff the same.
While searching for a glove, Tyrone realized he ran into another principle on capitalism- competition. This is when two companies are both producing to sell the same item. The clerk was explaining how Wilson and Rawlings are a competition to sell the best glove.
Tyrone was low on gas so he made a stop. While he was getting gas some stranger tried to break into his car. He explained one of the principles of capitalism- private property. This is when someone owns something that's theirs and not the governments. He explained that it is his property and he could get in trouble for that, but Tyrone let him off free.
Tyrone was looking for a hat for the season, the clerk was talking about how his store was a market economy. This is resources that are owned and controlled by the people of the country. He said the US has a market economy,so he could just start up his company and how a market economy is really easy.