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If a Country Specializes in Goods That It Can Produce

question 70

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If a country specializes in goods that it can produce most readily and cheaply and trades those goods for the goods that another country can produce most readily and cheaply, then both countries are exercising the principle of:


Definitions:

Family Enterprise

A business that is owned and managed by multiple family members, typically for more than one generation.

Entrepreneurship

The act of establishing a company or companies, while accepting monetary risks with the aspiration of earning profits.

Act On Them

To take action or respond based on specific ideas, feelings, or information.

New Opportunities

Fresh ventures or conditions that present potential for profit and growth in a business or personal context.

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