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Vocabulary!!! Woo Hoo! Comparative Advantage • A situation in which a country, individual, company or region can produce a good at a lower opportunity cost than that of a competitor. Specialization • Concentration of activity in a few particular tasks or in producing only a few items. Interdependence • The extent to which economic performance (GDP, inflation, unemployment, etc.) in one country depends positively or negatively on performance in other countries Trade • the commercial exchange (buying and selling on domestic or international markets) of goods and services
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