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What is the limitation of using exchange-rate-based measures as indicators of the standards of living across countries?
Private Property
Property owned by individuals or corporations rather than by the government or the public.
Individual
A single human being as distinct from a group, class, or family.
Corporation
A legal entity that is separate from its owners, providing them with limited liability and the ability to raise capital by issuing shares.
Intangible Property
Assets that do not have a physical presence but hold value, such as copyrights, patents, trademarks, and goodwill.
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