Examlex
Citizens tend to have greater interest in, and more information about, local government than the national government.
Private Ownership
The legal possession of property by non-governmental entities or individuals, allowing control over its use and the benefits it generates.
Capitalism
An economic system in which productive resources are owned privately and goods and resources are allocated through market prices.
Exchange
The act of giving one thing and receiving another (especially of the same type or value) in return, often referring to the trading of goods, services, or currencies.
Comparative Advantage
The ability of an individual, firm, or country to produce a good or service at a lower opportunity cost than competitors.
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