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Specialization
Refers to the process by which individuals, firms, or countries focus on producing a limited range of goods or services to achieve greater efficiencies.
Economic Output
The total value of all goods and services produced within an economy over a specific period.
Living Standards
A measure of the wealth, comfort, material goods, and necessities available to a certain socioeconomic class or geographic area.
Specific Skills
Skills that are highly specialized and pertinent to a specific job or industry, enabling a worker to perform particular tasks efficiently.
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