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In a market economy,
Living Standards
The magnitude of economic riches, comfort levels, material acquisitions, and basic livable needs assigned to a particular social strata or region.
International Trade
The exchange of goods and services across national borders, influenced by comparative advantages, tariffs, quotas, and agreements.
Seller
An individual or entity that offers a product or service for sale.
Buyer
An individual or organization that purchases goods or services for personal use or for the purpose of resale.
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