Characteristics of the US Econony

By Ella

This is an example of consumer sovereignty because the more demand from consumers, the more production of this product and offsprings like this product. The consumers decide to buy and are influenced by others.

This picture is an example of scarcity. Scarcity is the inablility to produce enough to satisfy all the wants. This picture shows a drought, which is caused by the scarcity of water/rain fall. There isn't enough to provide for the land and the people of the land.

This is an example of competition. In the economy there is competition/struggle between the buyers and sellers  to sell and recieve products at low prices. This relates to the picture because they are all running and struggling to reach the finish line first, and in this case the finish line would be having the best possible products at the best prices.

This is an example of markets. Markets are places were goods and services are determined and exchanged. This relates to the picture because it is a farmer's market, and people are buying goods from sellers. Both sides are getting something they want. The seller gets profit and the consumer gets the good or service. This can also be considered voluntary exchange.

This is an example of private property rights. They are given the freedom to do as they want on their own property and no one else may use it without permission. This connects because the owner is apply his rights he has so that no person may use his property in any way, shape, or form.

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