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Goodwill
An intangible asset that is created from such favorable factors as location, product quality, reputation, and managerial skill.
Competitive Advantage
An advantage that allows a business to generate greater sales or margins compared to its market competitors, often through unique resources, capabilities, or efficiencies.
Intangible Assets
Intangible assets are non-physical but valuable assets such as intellectual property, brand recognition, and patents, which contribute to a company's value.
Physical Substance
The material or tangible component of an asset, as opposed to intangible assets like patents or copyrights.
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