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Lower Cost
A situation where there is a reduction in the total expense required to produce goods or services.
Exchange Rate
The exchange rate determining the worth of one currency in a different currency.
Comparative Advantage
The ability of an entity to produce a good or service at a lower opportunity cost than others, leading to specialized production and trade benefits.
Specialization
The practice of focusing effort and resources on a specific task, area of knowledge, or market segment to increase efficiency and proficiency.
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