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Describe the Characteristics of a Competitive Industry

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Describe the characteristics of a competitive industry.


Definitions:

Social Inequality

The uneven distribution of resources, opportunities, and rights among different social statuses and groups within a society.

Capitalism

An economic system where capital goods are owned by individuals or corporations, with investments, prices, production, and distribution largely driven by competition in an unrestricted market.

Overall Preference

The aggregate or combined favorability toward a choice or option when considering all factors or variables.

Fertility Rates

a demographic measure quantifying the average number of children born to a woman over her lifetime.

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