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Definition
| Having substance or material existence |
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| Any exhange of goods and services between buyers and sellers |
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| Property owned by individuals rather than by the government |
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| Land and the buildings on it |
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| People who use goods and services |
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| Means that "consumer rule" - The decisions consumers make - rule the market |
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The income left over after the business pays all expenses.
Profit = Income from Sales - Cost |
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| People choose to invest in businesses for the chance to make a profit. |
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| The rivalry between businesses. Occurrs when several companies ofer a similar good or service for sale. |
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