What are the benefits of specialization of production

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Reference no: EM131174815

1. What are the benefits of specialization of production?

2. What is an import? Export?

3. What does it mean if a country has an absolute advantage in production of a good over another?

4. What does it mean if a country has a comparative advantage in production of a good over another country?

5. What are some of the arguments in favor of international trade?

Reference no: EM131174815

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