Antitrust laws prevent monopolies, legal contracts are enforceable agreements, and property rights define ownership and earnings in business.
Antitrust laws: Laws that prevent the creation and behavior of monopolies. They give the government power to block certain mergers and break up large firms.
Legal contract: An agreement enforceable by law. It outlines the terms and obligations between parties.
Property rights: Legal norms that define who can own what, what can be done with the property, and how businesses generate earnings.
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