Examlex
Write the word or phrase that best completes each statement or answers the question.
Establish the identity.
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Exchange
The act of trading goods, services, or currencies between two or more parties.
Trading Partners
Countries, entities, or individuals that exchange goods, services, or resources among each other.
Law of Comparative Advantage
The principle that a country should specialize in producing and exporting goods in which it has the lowest opportunity cost and import goods in which it has a comparative disadvantage.
Specialization
The process of focusing on a limited range of goods or services to gain efficiency or expertise.
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