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Unformatted text preview: Prices communicate quality, bargains, efficiency, etc. If percent of profit is negative business is failing Other things play a part besides prices o Market Competition Competition among businesses Two types Resource competition o Competition among businesses for resources like labor and natural resources Product competition o Buyers compete with buyers for services and goods o Businesses compete against one another o Entrepreneurship Innovative thinking New ways of making products, managing resources, etc. Other Systems o Command System...
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- Spring '08