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Exchange
The act of giving one thing and receiving another in return, often referring to the trading of goods, services, or currencies.
Economy
The method by which goods and services are produced, distributed, and consumed in a specific geographical area.
Specialization
The process of focusing effort and resources on a particular area of expertise or production to increase efficiency and output.
Barter System
An economic system where goods and services are directly exchanged for other goods and services without the use of money.
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