What Is What You Give up to Obtain an Item Called?


Quick Answer

What you give up to attain something else is defined as "consideration" in business terms. In order to give consideration, a person must first have ownership.

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Full Answer

A state of ownership can be affected by many cultural factors. Political climate plays a large role in the level of ownership an individual can have. In collective societies, someone may only own immediate possessions, and real estate ownership can be limited to the act of using the property. Even in more voluntary cultures, prior contract arrangements and family obligations can limit the level of consideration a person can give concerning the property that they posses.

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