Economic System Characteristics


These people in Africa are without food and water. This represents scarcity since they have a limited amount of resources, which in this case, is food and water. Without food and water, they are left helpless and are starving to death.


The stores are cutting down prices buy putting up discounts. The surrounding stores are stealing their customers so they cut down prices to get them back. This results in better products at cheaper prices.

Economic Freedom

This pictures shows the different jobs that we can choose to be. Even though our options are sometimes limited to financial issues, economic freedom lets us choose our career, where we work, and what we want to buy.

Voluntary Exchange

This represents voluntary exchange since the buyer and seller are willingly exchanging products. The buyer wanted a new car to go places so the seller negotiatedd a price and sold the car to her.

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