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Explain Why Geographic Specialization Occurs

question 14

Essay

Explain why geographic specialization occurs.


Definitions:

Accounting Profit

The net income for a company calculated by subtracting total expenses from total revenues.

Interest Rate

The amount charged, expressed as a percentage, by a lender to a borrower for the use of assets.

Sunk Costs

Expenses that have already been incurred and cannot be recovered.

Lack

The state of being without something or not having enough of it.

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