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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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