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Laisa Temelo
on Nov 17, 2024

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Trade allows each person to specialize in the activities he or she does best, thus increasing each individual's productivity.

Trade

The exchange of goods, services, or resources between individuals, businesses, or countries.

Specialize

The process by which individuals or entities concentrate on producing a limited scope of goods or services to gain efficiency or quality improvements.

Productivity

A measure of the efficiency of production, often calculated as the ratio of outputs produced to inputs used in the production process.

  • Comprehend the role of trade and specialization in the enhancement of economic performance.
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Megan SandersNov 20, 2024
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