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Which trade theory predicts that countries with similar preferences and technologies but dissimilar factor endowments will experience potential gains from trade?
Materials Price Variance
The difference between the actual cost of materials used in production and the expected (or standard) cost, which can indicate changes in materials prices or sourcing efficiency.
Direct Materials
Basic substances used explicitly in the production of a particular item, which can be directly linked to its creation.
Materials Price Variance
The difference between the actual cost of materials used in production and the expected cost based on standard prices.
Direct Materials
Raw materials that are directly traceable to the manufacturing of a product and constitute a significant portion of the production cost.
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