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In the circular-flow diagram, firms produce goods and services using the factors of production.
Wholly Owned Subsidiary
A company whose entire stock is held by another company, making it completely controlled by the parent company.
Complete Ownership
Having full legal rights and control over a property or asset without any restrictions.
Licensing
The process of obtaining permission from a governmental or regulatory authority to conduct certain activities that are otherwise restricted.
Trademark
A recognizable sign, design, or expression which identifies products or services of a particular source from those of others, legally protected under intellectual property laws.
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