Takeo is taking a trip to see the many different countries around the world. He will be visiting North Korea, South Africa, and China.
Takeo is flying by Southwest Airlines. Southwest is in competition with other airlines including American Airlines and United Airlines. Competition is the rivalry among businesses to sell which encourages improved products and practices and lower prices. Competition is good because it gives Takeo more options on products.
Takeo is first visiting North Korea. He is trying to buy some souvenirs, but the prices are super high. The employee said that it wasn't her idea, and that it was governments decision. North Korea is a command economy which means that resources our controlled by the government.
Takeo visited China next. He got to visited the Great Wall awhile he was there. The government wasn't has strict there, because China is a mixed economy. A mixed economy is when the government has a little of bit of say.
While Takeo was in China, he decided to do some sight seeing. He found the perfect spot, but somebody told him to leave because it was private proptert. Private Property is to own, use, or dispose of things of value. This is good for consumers because then the government can't own everything.
Next, Takeo visited South Africa. Takeo saw people planting their own food, and producing things the old fashion way. South Africa is like this because it is a traditional economy. A traditional economy is an a economy which goods and services are produced the way it has always been.