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How will the goods be produced?

Individuals decide

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For Whom will the goods be produced?

Willingness / ability

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Private Property: Any good that is owned by an individual or a business

Public Property: Any good that is owned by the government

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5th amendment: Eminent Domain

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Voluntary Exchange: Trade

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Competition

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Fun Fact: You have an incentive to make yourself better off!

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Legal systems can help or hurt free enterprise

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Circular flow

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