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The chief payments and receipts arise from trade in goods, payments having to be made for imports and being received from the sale exports.
4.2. Private sector in a mixed economy is that part of the economy that is controlled by private firms, not by governments or corporations.
4.3. Under perfect competition there would be no advertising of a competitive kind, the products of all producers of a commodity considered homogeneous in these conditions.
4.4. Landless farmers, that is farmers owning no land, have to cultivate land owned by others.
4.5. Profit is the revenue from selling the output minus the costs of inputs used.