Jose and Julia were discussing the necessary components to achieve economic growth.Jose stated that the economy must include free markets,specialization and trade,and an ethical judicial system.Julia reminded Jose that another key component is

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Property rights are essential for economic growth as they provide people with the incentive to invest and innovate. Without property rights, individuals and businesses would not have the security and legal protection necessary to take risks and create wealth. While freedom of speech, religion, and democracy may also play a role in economic growth, they are not as directly tied to the functioning of markets and the incentive to create wealth as property rights. A guaranteed high rate of return on savings is not a necessary component of economic growth as it is dependent on other economic factors such as interest rates and inflation.

Jose and Julia Were Discussing the Necessary Components to Achieve