Examlex
Which of the following would play a role in quickly alerting you to a gas leak in your home?
Specialization and Exchange
Refers to the economic practice where individuals or groups focus on a narrow area of production to gain efficiency and trade with others to benefit from each other's expertise.
GATT
General Agreement on Tariffs and Trade, a multilateral agreement aimed at reducing trade barriers and promoting international trade.
International Trade
The exchange of goods, services, and capital between countries and territories, driven by the principle of comparative advantage.
Joseph Stiglitz
An American economist and a professor at Columbia University, known for his work on income distribution, risk, and globalization. He is a recipient of the Nobel Memorial Prize in Economic Sciences.
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