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What is the purpose of the purchase requisition?
Contestable Market
A market in which the costs of entry and exit are low, so a firm risks little by entering. Efficient production and zero economic profits should prevail in a contestable market.
Economic Profits
Profits earned by a firm after accounting for both its explicit and implicit costs, including opportunity costs.
Property Rights
The legal rights to use, control, and derive benefits from a resource, good, or property.
Natural Resources
Materials or substances occurring in nature which can be exploited for economic gain, such as minerals, forests, water, and fertile land.
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