Old road bikes with horizontal dropouts make good fixed gear conversions, often for not much money. This one has new wheels and crankset because the owner wanted a flip flop hub and a lighter crankset than the original. The freewheel side is a lower gear (larger cog) than the fixed gear side. This eases the ride on hills or if you're getting tired. It's not a good idea to ride a freewheel with only one brake.
Many old road bike wheels can be converted to a single speed freewheel or a fixed gear fairly easily for not much money. One problem with converting an old hub to a fixed gear is that there's no good way to prevent the gear from unscrewing if you back pedal to brake-you need a brake.
Some original double or triple cranksets can be converted to a single way cheaper than the cost of a new one.