It's finally Friday! So we're going into town, and we'll have the freedom of choice of choosing what we're going to do. That means to make decisions and accept the consequences of them, and we want to go see a movie, but what movie theater should we go to.
We wanted to go see a movie, but we're not sure which one we want to go to. One has lower prices, but the other has better seats and snacks. These theaters are competing for our money. This competition is good for me, the consumer, because company's will offer more at a lower price to compete
After the movie, we decided to head to a dinner for dinner. We ended up getting two burgers and two drinks for $20. I used to work at a restaurant, so I know that our meal probably only cost around $7 for them to make, but the dinner has to make a profit. A profit is the money leftover after costs are covered
We're going traveling in my friends private jet. Since its his private property, he can use or dispose it anytime he wants. We are on a trip around te world to view the different kinds of economy.
First stop, the United Kingdom. They use an economy called Market economy, which means the resources are owned and controlled by the people of the country, not the government.
Next up, we headed to China, where the economy is mixed, so the economy is owned and controlled by both the people and the government.