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A true economic union requires:
Property Rights
Legal rights and claims governing the use, transfer, and disposal of property, which can apply to both tangible and intangible assets.
Market Failure
A situation where the free market fails to allocate resources efficiently, leading to a net social welfare loss.
Private Goods
Goods that are excludable and rival in consumption, meaning their use is limited to paying customers and one person's use of the good prevents another's use of it.
Prices
The sum of money needed to buy a product or service.
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