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Profit is an economic profit or loss is the difference between the revenue received from the sale of an output and the opportunity cost of the inputs used.
Private property is a legal designation for the ownership of property by non-governmental legal entities.
In economics, "competition" is the rivalry among sellers trying to achieve such goals as increasing profits, market share, and sales volume by varying the elements of the marketing mix: price, product, distribution, and promotion.
Freedom of choice decribes an indiviual's opportunity and autonomy to perform an action
The four principles of Capitalism are important because the economy's purpose is to generate profit.
Thank you for helping me learn so much about the economy here!
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