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Profit is money left from sales after operating costs of business have been paid. Competition is rivalry among businesses to sell, which encourages improved products/practices and lowered prices.
Private Property means to own, use, or dispose of things of value, freedom of choice means to make decisions and accept the consequences of those decisions.
Very well done, class!! Now lastly, why are these 4 principles so beneficial to an economy?
They are all factors that are beneficial and contribute to the economic system; capitalism.
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