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How did the putting-out system transform commercial manufacturing?
Absolute Advantage
The ability of an entity to produce a good or service more efficiently (using fewer resources or generating higher output) than another entity.
Diplomatic Expertise
The skill and knowledge required to manage international relations and negotiate effectively on behalf of a state.
Differences in Tastes
Variations in consumer preferences that influence demand for products and services across different markets or demographics.
Resource Endowments
The natural resources, labor force, capital, and technology that a country possesses, which influence its economic potential.
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