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1. Specialization: Specialization allows individuals, businesses, and countries to focus on what they do best, leading to increased efficiency and productivity. By honing specific skills or producing particular goods, they can achieve higher quality outputs and lower costs.

2. Comparative Advantage: Trade is driven by the principle of comparative advantage, where entities benefit from producing goods or services in which they have a lower opportunity cost compared to others. This encourages trade between parties, maximizing overall economic welfare.

3. Trade: When countries or individuals engage in trade based on their specializations, both parties can benefit. This mutual gain results in a greater variety of goods and services available in the market, often at lower prices.

4. Equity: While specialization and trade can lead to economic growth, they can also create disparities. It's important to consider equity and ensure that the benefits of trade are distributed fairly among different segments of society to avoid widening income gaps.

5. Interdependence: Specialization and trade foster global interdependence, as countries rely on each other for goods and services that they do not produce efficiently themselves. This interconnectedness can enhance economic resilience but also requires careful management to address vulnerabilities and ensure stability.

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1) I've learned what is specialization. Specialization is the process of focusing on one main sphere and being good in that sphere.

2) Also, advantages and disadventages of specialization. For instance, a person may burnout while he is doing the same or limited skills lead to the fact that a person becomes less adaptable.

3) 4 levels of trade - Industrial, Global, Regional and Firm trade.

4)Benefits of international trade like global efficiency, which provides higher level of economic welfare

5) Economic and Government difference between East and West Germany

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Maria:

1. Advantages of specialization, for example the one of them is that you can become the best focusing on only one main thing in contrast of doing several things and not being good enough in any of them.

2. West Germany had better economy than East Germany because of the reforms after World War II.

3. There are 4 types of specialization (regional, individual, global and firm)

4. Disadvantages of specialization: It there would be no need in this one main thing the company is focused on then they will lose their job.

5. South Korea has stronger economy than North Korea despite the land size is smaller.

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1.I learnt importance of international trade and meaning

2.I learned the importance of trade in country

3.I learned I also meaning of comparive advantage between country

4.I learned the meaning of specialization

5.I learned the importance of equity

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1. Learned to highlight only the main parts from presentations 2. Learned about 4 types of specialization

3. Discovered how would our world look like without China's exports

4. Benefits of International Trade

5. Role of trade in equity

Overall, I learned basics from this topic, and discovered what specialization and trade have on the world.

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Nayoung Kim

From the lesson on specialization, trade, &equity. I learned 1. What is specialization? Specialization is something specific to things you have. For example, a cardiologist is a doctor who is focused on the heart. 2. Disadvantages of specialization.

The disadvantage is if the job will be gone, you will lose the job. For example in the future they are might be no translated, because of improvement in robot. 3. I learned 4 types of specialization: individual, region, global, firm. 4. I learned of international trade effect on country. North Korea has 68% trade with China, when there was corona virus North Korea struggled of getting food etc. 5. I learned comparison between North and South Korea, wear and east Germany. South Korea has better economy due to international trades.

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I learned that Countries, can make global trades, in order to get the resource they need, and, and that the country can trade their resources as well, and get what they want in exchange to it. Because of this type of global trade, it allows other country to have enough of each type of resource, and have just the right amount of every resource. this Global trade idea, makes every country balanced, and have every resource out there. in that case, it makes every country balanced in terms of resources.

That is all I learned.

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Specialization makes work faster and better – When people or countries focus on making one product or service, they become more skilled and efficient, which leads to better quality and lower costs.

Trade helps countries get what they need – No country can make everything perfectly, so they trade with others to get resources, goods, or services they don’t have. This helps economies grow.

Some trades are unfair – Richer or more powerful countries can take advantage of weaker ones by setting unfair prices or rules, which can make trade one-sided.

Equity means fair opportunities for everyone – It’s not just about treating everyone the same; it’s about making sure poorer countries and workers get fair wages, better working conditions, and chances to succeed.

Good trade rules help the world grow – When trade is fair and well-managed, more people can have jobs, businesses can grow, and economies can improve without harming others.

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Ahmad

1٠ specialization means focusing on one specific skill, job, or task to become better at it, focusing in many different skills or jobs takes more time to be good compare to specialization which is faster.

2. there is advantage and disadvantage of specialization, for example disadvantages, doing the same thing every day will become boring, and for example if the country depends in one industry if it will drop there is going to be poverty, unemployment, inflation, one advantage that if you focus in one specific skill you will become better in it faster.

3. trade, is the exchange of goods and services between countries.

4. the term equity means to fairness and justice in the trade.

5. example of disadvantage of specialization in uzbekistsan, that they are focusing in one industry which is cotton, if it drop it will make poverty, unemployment, inflation

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Firstly, I learned that specialization is the work that focuses on particular things or skills. Secondly, trade is an exchange of goods between 2 or more countries. And thirdly, equity helps to make trades fair. The benefits of specialization is that big focus on specific area will lead to higher quality work, means the quality of goods or needs will be higher. However, doing the same thing might be boring and you may having unemployment if demand shifts, because of dependence of the work.

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Throughout the lesson, I learned about the pros and cons of the specialization and how the specialization could affect on the economic condition of the country. Also, I learned about 4 types of specialization and how the work, which was explained with the example of Uzbekistan. Moreover, the overall research for presentation helped me to identify the key factors that influence the development of economy. Lastly, I learned a bit about history, as our team had West and East Germany for comparison.

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I learned

1.Specialization helps us produce more efficiently by focusing on what we do best.

2.Trade makes everyone better off by allowing us to exchange what we specialize in.

3.Equity looks at fairness, ensuring that trade benefits everyone, not just a few.

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Ali Gündüz

I have learned about the principles of International Trade at my last economy class. I learned about Specialization and how it is connected to comperative advantage. For instance when a country focuses on a specific industry they become better at producing and they get the competative advantage, of course I also learned about the cons of specialization too. Other than specialization I learned export and imports meaning and how do they affects to the economy and economic growth. This subject is also connected to competative advantage. The last thing I acquired knowledge about is the equity at International Trade.

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Anuar:

I learnt what International Trade is and why it is important for all the countries. Though you should not be cut off from trade, as no country is self-sufficient and require the help of other countries.

I learnt what export and import is and why they are important for development of countries

I learnt how comparative advantage works and why countries usually produce one type of goods.

I learned that countries should specialize into good and services that they are the best in, as it allows them to undercut the other countries and gain the most amount of profit.

- There are 4 types of specialization: Local, Firm, Region and Country

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1. Specialization allows individuals and countries to focus on the production of goods and services in which they are most effective.

2. Trade promotes the exchange of resources and benefits between different participants, increasing the overall wealth and availability of goods.

3. Participation in international trade can lead to economic growth and higher living standards for all participating countries.

4. The market provides mechanisms for allocating resources, which promotes more equitable access to goods and services.

5. Efficient allocation of resources through specialization and trade can reduce inequality and increase economic equity.