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:1

A market, or free enterprise, economy is one in which the decisions of many individual buyers and sellers interact to determine the answers to the questions of What, How and Who.

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:2
Prices perform two important economic functions: They ration scarce resources, and they motivate production.

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:3

Large and small businesses organize in different ways to meet their objectives.

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:4

In a competitive market, producers constantly strive to reduce their production costs as a way to increase profits.

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