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Explain the 3 systems of Freud's personality theory.
Competing Products
Goods or services that serve as alternatives to each other, satisfying the same need or want, and thus compete in the same market.
Elastic Demand
A condition where the quantity demanded of a good or service significantly changes due to a change in its price.
Inelastic Demand
A market scenario where the quantity demanded of a good or service changes minimally in response to price changes.
Perfectly Inelastic
A situation where the quantity demanded or supplied of a good does not change regardless of the changes in its price.
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