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Any good that is owned by an individual is private property, but if it is owned by the government then it is public property. For example, the park by your house is public because anyone can go there, but if I bought this land in the picture below then it is private property because I bought it, not my neighbors or random people.

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An economic choice can be based on what you want your business to sell or what you chose to buy from the store, but in this picture the economic choice is choosing your career so you can decide what jobs to apply to. Even applying to different jobs, the jobs you chose are economic choices.

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So voluntary exchange could just be me buying soda from the store, i'm buying the soda in exchange for money. This could also happen at home, for example if I were to trade a shirt with my sister in exchange for her shirt we are making a voluntary exchange.

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In this picture you could see two men tugging on a rope, and you could tell they are business men because of their suits. So most likely they are in competition for making more money and getting more customers. For example if it were apple on one side and android on the other side, because they have competition. This is not a bad thing because it makes them want to make their products better for us so we could buy from them.

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Here you can see an image of someone climbing up to money, and this represents what economic incentives are because the main reason for your business or to sell things is to make money, that's why he is climbing up to a money sign. $$

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Just because I'm hungry right now I'm choosing a good which is food. These are my four choices based on what is closest to me.
McDonald's: large fries and 10 chicken nuggets 6.39
Jack In The Box: Large curly fries 2.49
Burger King: 3 large hash browns 5.67
In N Out: double double and animal style fries 6.85
So I would pick McDonald's because I feel like that meal would get me full enough to have dinner later, but if I was having dinner I would choose In N Out because that would most likely make me full for the rest of the day.  Even though McDonald's meal is the second most expensive one I would still choose it based on how good it will fill me up.