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Authority that a third person, in view of the circumstances, the conduct of the parties, and a lack of notice or knowledge to the contrary, may reasonably consider to exist is known as:
Opportunity Cost
The cost of forgoing the next best alternative when making a decision, effectively the value of the opportunity lost.
Import Commodities
Goods or services brought into one country from another for the purpose of trade.
Economic Organization
Structured arrangements within an economy that determine how resources are allocated, goods are produced, and services are distributed.
Socialism
A system of economic organization in which (1) the ownership and control of the basic means of production rest with the state and (2) resource allocation is determined by centralized planning rather than by market forces.
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