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Complete specialization by countries does not occur because:
Standard Deviation
A statistical measure of the dispersion or variability of a set of data points, indicating how much the individual data points diverge from the mean value of the data set.
Portfolio Returns
The overall gains or losses generated by an investment portfolio over a specified period, often expressed as a percentage.
Portfolio Variances
Measures the dispersion of average returns of a portfolio from its mean, indicating the level of risk involved.
Expected Return
The estimated average return on an investment, accounting for the probabilities of each possible outcome.
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