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the voluntary exchange of goods and services in a market, also called trade commerce. Study with Quizlet and memorize flashcards containing terms like Specialization, Productivity, Needs and more.
Terms in this set (15) Specialization. A focus on a particular activity, area of study, or skill. Productivity. The amount of goods and services produced by a worker or business in a given time period. Voluntary Exchange. The act of buyers and sellers freely and willingly engaging in non-fraudulent market transactions.
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Study with Quizlet and memorize flashcards containing terms like Specialization by trade or profession, Specialization by stage of Production, Specialization by task and more.
Study with Quizlet and memorize flashcards containing terms like specialization definition, The beauty of specialization is that it reduces the problem of scarcity.
Study with Quizlet and memorize flashcards containing terms like Specialization, Exchange, when an economy chooses a point inside production possibilities frontier, it can produce more or less goods by using all resources? and more.
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