By: Haley Sanders
The freedom to choose how to produce, sell, & use your own resources, while respecting others' rights to do the same. This photo represents economic freedom because she has bought the products she desires.
Voluntary exchange is the act of buyers and sellers freely and willingly engaging in market transactions. This photo represents voluntary exchange because she is buying what she would like.
People privately own their own things and can do as they choose with them. This photo represents private property because someone owns the land and chooses to not have other people trespass on it.
The ultimate goal of a business is to make money or a profit. This photo represents profit motive because it shows that businesses only really care about their profit.
Competition is the struggle between two or more sellers to attract the most consumers, in which they will either win the competition & prosper as a company or lose & have lower profits. This photo represents competition because two people are competing for something, much like businesses do.