Adam Smith Institute. When you think of technology there's a good chance you think of physical things like big machines or fast computers. If in repeated rolls of two fair dice the odds for rolling a sum of 888 before rolling a sum of 777 are 555 to 666, then what is the probability of rolling a sum of 888 before rolling a sum of 777? Labor specialization exploits these unique talents and places people in areas where they perform the best, helping both the individual, as well as the overall economy. Inflation is expected to be $2 \%$ per year for the next $3$ years and $4 \%$ per year for the next $5$ years. \qquad\text{Designated for plant}&\text{246,360}\\ Specialization, in economic terms, means focusing on one task rather than multiple tasks, which allows workers to perfect that one task. By clicking Accept All Cookies, you agree to the storing of cookies on your device to enhance site navigation, analyze site usage, and assist in our marketing efforts. Specialization The process of making the best use of resources in the production of goods and services Exchange How societies that specialize in producing certain goods will get other goods that they need. It can also refer to market, industry, and business fragmentation. Are they (human resources) trained/eligible for the job, Physical climate (soil, temperature, altitude); also, social, culture, climate (Don't open a nuclear plant in an unstable place), Most basic kind of trade. The firm might hire better skilled or more experienced managers. You can learn more about the standards we follow in producing accurate, unbiased content in our. Specialization in economics is the process of an organization concentrating its labor and resources on a certain type of production to be more efficient and create a comparative advantage for an economy. Specialization and Wealth, by Dwight Lee. Specialisation is a fundamental concept in economics and is closely associated with the efficient use of scarce . By clicking Accept All Cookies, you agree to the storing of cookies on your device to enhance site navigation, analyze site usage, and assist in our marketing efforts. \quad\text{Cash}&\text{\$\hspace{10pt}17,140}\\ The data are in the data file Student Performance. Occasionally, people who specialize in a field develop new techniques or new technologies that lead to huge increases in productivity. 0 && stateHdr.searchDesk ? How Does Specialization Help Companies Achieve Economies of Scale? For instance, a firm may hold a patent over a mass production machine, which allows it to lower its average cost of production more than other firms in the industry. Absolute Advantage: Definition, Benefits, and Example, Efficiency Wages Definition, Theory, Why They Are Paid. Structural vs. Specialization, along with the complementary concept of the division of labor, occurs when the innate inequalities of human productive output are intensified along different skills. \begin{array}{clcc} What Does Consumer Sovereignty Mean? you don't need them to survive. Learn how it impacts trade. But when economists talk about technology, they're thinking more broadly about new ways of doing things. Definition, Benefits, and Examples, National Agricultural Statistics Service: More State Features. What Are Some of the Variables Involved in Economies of Scale? To see how specialization and division of labor improve the output of both the secretary and the attorney, imagine that the secretary has a labor productivity of $20 per hour doing secretarial work and $0 per hour practicing law. To illustrate why this is the case, consider the following example. Many of these are shared with our fellow mammals (and, in some cases, all vertebrates), suggesting that they are evolutionarily ancient specializations. \text{Total liabilities and net assets}&&\underline{\underline{\text{\$\hspace{1pt}5,565,060}}}\\[10pt] Postage due on special delivery letter, $27\$27$27 (Miscellaneous Administrative Expense). Happy 3 year Anniversary!\"TO: EveryoneFROM: Someone\"The earth is but one country, and mankind its citizens.\"Thank you so much to all of our awesome supporters for their contributions to help make Crash Course possible and freely available for everyone forever:Nathanial R. Castronovo, Eefje Savelkoul, Nupur Maheshwari, Jacob J., Dominik Steenken, Shai Belfer, Stefan Bjerring HenriksenJames Kribs, Hugo Jobly, Tim EramoWant to find Crash Course elsewhere on the internet?Facebook - http://www.facebook.com/YouTubeCrashCourseTwitter - http://www.twitter.com/TheCrashCourseTumblr - http://thecrashcourse.tumblr.com Support Crash Course on Patreon: http://patreon.com/crashcourseCC Kids: http://www.youtube.com/crashcoursekids \text{94} & \text{2.5} & \text{4.2}\\ Suppose she can type faster, file faster, and use a computer faster than her secretary. \hline 0.01 & Extreme recession & -300 & -999 \\ Non-essential goods and services. \text{Long-term debt-mortgage payable}&&\underline{\text{\hspace{5pt}2,500,000}}\\ Wealth is an accumulated store of . \quad\text{With donor restrictions}&\underline{\text{\hspace{13pt}171,740}}&\underline{\text{\hspace{5pt}2,500,860}}\\ 4. It is the use of resources to produce only a single good or a few kinds of goods or services. As labor is divided amongst workers, workers are able to focus on a few or even one task. Because production increases, the fixed costs of production such as the building and tools used to assemble the bicycles are spread over an increasing number of products, thus achieving economies of scale. Economics -- Specialization Term 1 / 20 Division of Labor Click the card to flip Definition 1 / 20 Division of work into a number of separate tasks to be performed by different workers Ability (born) Training (practice) E.U.T. 'pa pdd chac-sb tc-bd bw hbr-20 hbss lpt-25' : 'hdn'">. Specialization refers to how an individual, organization, state or country focuses available resources. \qquad\text{Total current liabilities}&&\text{564,200}\\ At a general level these advantages are obvious. As firms get larger, they grow in complexity. At the individual level, specialization usually comes in the form of career or labor specialization. The term generally means focusing on becoming an expert in one subject or skill. Marxism is a set of social, political, and economic theories developed by Karl Marx that formed the basis of socialist principles. This idea relates primarily to the specialization of the labor force, essentially the breaking down of large jobs into many tiny components. Yousuf Dhamee '96 (English 73, 1995) he main focus of Adam Smith 's The Wealth of Nations lies in the concept of economic growth. If you split up the work, you will get both better & faster and cheaper work. LECTURE TOPICSLECTURE TOPICS Production Possibilities Opportunity Cost Using Resources Efficiently Specialization and Exchange 3.1 PRODUCTION . Are the resources you need at the place where you intend to open business? What Does Ceteris Paribus Mean in Economics? 14\hspace{47pt}1414. This increases efficiency and allows for additional bicycles to be produced. Click on a collocation to see more examples of it. Each member of an organization or economy, for example, has a unique set of talents, abilities, skills, and interests that make her uniquely able to perform a set of tasks. "Division of Labor.". Adam Smith, who is often referred to as the father of economics, believed that specialization and the division of labor were the most important causes of economic progress. \qquad\text{Total assets limited as to use}&&\underline{\text{\hspace{13pt}246,360}}\\[5pt] What type of specialization is this? E.g. Statistical Techniques in Business and Economics, Douglas A. Lind, Samuel A. Wathen, William G. Marchal, Fundamentals of Engineering Economic Analysis, David Besanko, Mark Shanley, Scott Schaefer, Claudia Bienias Gilbertson, Debra Gentene, Mark W Lehman. He previously held senior editorial roles at Investopedia and Kapitall Wire and holds a MA in Economics from The New School for Social Research and Doctor of Philosophy in English literature from NYU. Define efficiency and describe an efficient use of resources. Our main goal was to determine the impact of Economics Chapter 11 Section 2 Guided Reading And Review can be taken as skillfully as picked to act. Productivity The amount of goods and services produced by a worker or business in a given time period. Rather than having every actor practice at producing all different kinds of goods or services, human beings naturally tend to specialize in narrow fields and then trade with one another. Plato wrote about this theory by saying the state could supply its. For instance, a firm might be able to implement certain economies of scale in its marketing division if it increased output. When two parties each possess something desired by the other, promoting an exchange. What is specialization? An economic specialty in behavior and strategy focuses on decision-making, collaboration and conflict, and the social construct of economics in an organization. Specialization involves focusing on a specific skill, activity, or production process, such as a South American company harvesting bananas, to become the leader or expert. These are example of A technique a company uses to combat the disadvantages of labor specialization when it expands job tasks to include other like tasks. The money people use to make trade easier. Fragmentation is the use of various suppliers and manufacturers to produce a good. Specialization occurs in different industries for different reasons. Investopedia requires writers to use primary sources to support their work. 1 If, for example, A country can produce bananas at a lower cost than oranges , it can choose to specialize and dedicate all its resources to the production of bananas, using some of them to trade for oranges. However, that isn't her most valuable work; her most valuable work is practicing law. For example, by offering different products, better deals or by other means. To answer these questions, let's start by taking a look at the definition of specialization. Will Kenton is an expert on the economy and investing laws and regulations. Increased inter-dependency Learn how it impacts trade. In a survey of 27 undergraduates at the University of Illinois the accompanying results were obtained with grade point averages (y)(y)(y), the number of hours per week spent studying (x1)\left(x_1\right)(x1), the average number of hours spent preparing for tests (x2)\left(x_2\right)(x2), the number of hours per week spent in bars (x3)\left(x_3\right)(x3), whether students take notes or mark highlights when reading texts (x4=1\left(x_4=1\right. 0.35 & Slow growth & 60 & 100 \\ Operations management (OM) is the administration of business practices to create the highest level of efficiency possible within an organization. 18\hspace{47pt}1818. The aggregate impacts of specialization on the economy are massive. The most obvious economic impact of specialization can be seen in the tendency for individuals to choose different vocations that are more in line with their interests, skills, opportunities, and education. A remarkable degree of social cooperation emerges through market communication. Specialization also occurs within a country's borders, as is the case with the United States. U.S. Department of Agriculture. Let's take a look at the terminology behind Smith's theory. The minimum efficient scale (MES) is the point on a cost curve when a company can produce its product cheaply enough to offer it at a competitive price. \quad\text{Buildings (net of accumulated depreciation of \$1,623,000)}&\text{2,893,000}\\ Both parties should benefit from the exchange. \end{array} Yes, all it requires is that the comparative advantage i.e. excess of revenues (money received) over outlays (money spent). Express charges on merchandise purchased, $40\$40$40 (Merchandise Inventory). f(x)=\left\{\begin{array}{ll}\frac{x^2-1}{x+1} & \text { if } x<-1 \\ x^2-3 & \text { if } x \geq-1\end{array}\right. especializacin, especializacin [feminine, singular], especializao, especialidade, especializao [feminine], spcialisation [feminine], spcialisation, spesialisering [masculine], spesialisering, Test your vocabulary with our fun image quizzes, Clear explanations of natural written and spoken English. In economics, the principle of absolute advantage is the ability of a party (an individual, or firm, or country) to produce a good or service more efficiently than its competitors. In economics, the term gets extended to entire businesses that focus on one area or product. Manufacturing is the process of turning raw materials or parts into finished goods using tools, human labor, machinery, and chemical processing. The system trade uses the concept of specialization. Are there customers in your area who can afford it and will like it. Context: A single, widely accepted definition of sport specialization does not exist. A kind of money that has no other function other than to be money. Socialism is an economic system in which all members of the society own the means of production labor, capital goods, and natural resourcesequally. A system in which individuals produce the goods or services that they value most. \qquad\text{Total current assets}&&\underline{\text{\hspace{13pt}356,800}}\\[5pt] \text{Property, plant, and equipment:}\\ \textbf{Assets}\\ 2. A learning curve is a mathematical concept that graphically depicts how a process is improved over time due to learning and increased proficiency. $$ Essential Conditions 4. Decreased morale and enthusiasm A type of specialization that occurs when more than one stage or task is required to create a finished product; different people are usually involved during the different stages and tasks of production. Firms might be able to lower average costs by improving the management structure within the firm. The default risk premium for a BBB-rated bond is $1.3 \%$. Petty cash on hand was $38\$38$38. People who work to produce goods and services, Manufactured resources used to produce goods and services. \quad\text{Investments}&\underline{\text{\hspace{10pt}229,220}}\\ \text{94} & \text{3.5} & \text{2.3}\\ \text{Total assets}&&\underline{\underline{\text{\$\hspace{1pt}5,565,060}}}\\[10pt] at $x=-1$. An employee in a gift store is assigned to receive products in the warehouse, while another is assigned to sell the products. In economics, a key result that emerges from the analysis of the production process is that a profit-maximizing firm always produces that level of output which results in the lowest average cost per unit of output. Increased boredom on the job specialization meaning: 1. a particular area of knowledge or the process of becoming an expert in a particular area: 2. a. Trade is a fundamental economic concept that describes a voluntary exchange between several parties. \text{Net assets:}\\ The owner of Showtime Movie Theaters, Inc., would like to estimate weekly gross revenue Every hour that she spent doing secretarial work is an hour that she couldn't spend being a lawyer, so she trades with her secretary to maximize her earnings as an attorney. When you visit the site, Dotdash Meredith and its partners may store or retrieve information on your browser, mostly in the form of cookies. A number that is calculated to summarise a group of numbers. firms, and 30 from small businesses. This is a basic concept of learning. You would have to grow the wheat and tomatoes and raise the cow, you'd make the flour, the cheese, the oven, the pan, and then draw the moustache guy on the box. d. If you chose to invest in the common stock fund in (c), what do you think about the possibility of losing \$ 999 of every \$ 1,000 invested if there is an extreme recession. Manufacturing: Definition, Types, Examples, and Use as Indicator. Specialization occurs in different industries for different reasons. Voluntary Exchange It is an idea that places the customer's preferences in the center of the product development funnel. Specialization encourages trade because people want goods and services that they do not have. Definition of Division of Labour 3. The secretary is better off accepting the $20 rather than being unemployed. The real risk-free rate of interest, $\mathrm{r}^*$, is $3 \%$; and it is expected to remain constant over time. depend upon each other for the exchange of goods and the fulfillment of their necessities. $ The median . giving up one thing to gain something else, relating to the use of goods and services, limited resources vs unlimited wants (not having enough), Something that you pay for and can use or consumer. Historical data for a sample of eight weeks follow. It can also refer to market, industry, and business fragmentation. For example, citrus goods grow better in the warmer climate of the South and West, many grain products come from the farms of the Midwest, and maple syrup comes from the maple trees of New England. The graph above plots the long-run average costs (LRAC) faced by a firm against its level of output. \end{array} As a result of increased production, the fixed cost gets spread over more output than before. Economies of scale refer to the cost advantage experienced by a firm when it increases its level of output. For instance, fracking completely changed the oil industry a few years ago. Specialization: occurs when people focus on the production of selected goods and services because they cannot produce everything. What is the difference between a one-tail test and a two-tail test? For example, one worker would add the breaks, the next worker would add the pedals, and so forth. Disadvantages 7. The amount of goods and services produced by a worker or business in a given time period. Specialization Leads to Economies of Scale, Example of Specialized Labor and Economies of Scale, What Is a Learning Curve? If, for example, a single individual excels at math but is not a proficient writer, it benefits both the individual and the community if she pursues a field that relies heavily on mathematics. If the bicycle maker switches to an assembly line in its factory, each of the 10 workers focuses on a specialized aspect of the assembly process. As a manager in training, Emily spend two weeks each working in various departments. Therefore this will lead to an increase in labour productivity and firms will be able to benefit from economies of scale (lower average costs with increased output) and increased efficiency. \textbf{Balance Sheet}\\ Even within individual disciplines, the drumbeat of, Now, the rule is that the major of a student must match his/her advisor's major, The supply-related approach not simply considers the number of health care facilities available to the population, but also their. 0.30 & Moderate growth & 100 & 150 \\ Total output is increased when one worker specializes in one type of activity and trades with other specialized workers, said Smith. The cash sales for the day, according to the cash register records, totaled $13,115\$13,115$13,115. Economies of scale also result in a fall in average variable costs (average non-fixed costs) with an increase in output. The quantity of goods and services that producers are willing to sale at a given price. illustrate the economic problem. Or put another way, the same time and the same money allows for the production of more goods. Meaning of Division of Labour: Specialization allows people to produce the best product or service. Develop an estimated regression equation with both television advertising and newspaper Interrelated with it, particularly in modern developed . Most organisations are broken into DEPARTMENTS, each department specialises in handling certain services and problems. There are workers, breeders, soldiers, and in many ant species, specializations within the archetypes! "Small Grains," Download Latest Release PDF, Pages 21-24. 0.10 & High growth & 120 & 350 \textbf{Liabilities and Net Assets}\\ U.S. Department of Agriculture. This is a basic concept of learning. Specialization occurs when a producer or individual concentrates on the production of a good or service. In the empire of Mali. It reduces the per-unit fixed cost. Definition: Consumer sovereignty is a theory that states the fact that consumers have the power to determine which products or services are actually produced in a given economy. U.S. Department of Agriculture. Once specialization occurs, resulting in economies of scale, a company is able to reduce the price for its goods or services because it costs less to make their goods or provide their services. These are words often used in combination with specialization. Division of work into a number of separate tasks to be performed by different workers, Able to get (practice, get better at things). Cyclical Unemployment: What's the Difference? Absolute advantage allows an entity to produce a greater quantity of the same good or service with the same constraints than another entity. He pointed out that specialization could occur at the individual level, along different firms or even countries.. Prepare a balance sheet as of December 31, 2020. When an economy can specialize in production, it benefits from international trade. \text{Gross Revenue} & \text{Advertising} & \text{Advertising}\\ Store supplies, $55\$55$55. In this way, they can use capital and labour efficiently. \quad\text{Inventory}&&\underline{\text{\hspace{18pt}71,000}}\\ Investopedia requires writers to use primary sources to support their work. Some areas include technology that improves efficiency, the power of buying bulk that leads to better costs, and for larger companies, better terms on financing and better transportation networks. Katrina vila Munichiello is an experienced editor, writer, fact-checker, and proofreader with more than fourteen years of experience working with print and online publications. \quad\text{Land}&\text{210,100}\\ Learn more. Specialization can occur on both the microeconomic level and the macroeconomic levels. Microeconomic specialization involves the individual actors and economic components, and macroeconomic specialization involves the broad advantage an economy holds in production. Specialization, along with the complementary concept of the division of labor, occurs when the innate inequalities of human productive output are intensified along different skills. Lecture TOPICSLECTURE TOPICS production Possibilities Opportunity cost Using resources Efficiently specialization and exchange 3.1 production that the... Of selected goods and services that producers are willing to sale at a general level advantages! Can afford it and will like it the day, according to specialization... With both television advertising and newspaper Interrelated with it, particularly in developed! Get larger, they can use capital and Labour Efficiently, widely accepted of... To entire businesses that focus on one area or product and exchange 3.1 production, unbiased content our. Balance sheet as of December 31, 2020 Latest Release PDF, Pages 21-24 an organization can! Of increased production, the fixed cost gets spread over more output than before not. The social construct of economics in an organization its level of output advantage allows an entity to produce a.!, specialization usually comes in the center of the product development funnel average variable costs ( LRAC faced... New techniques or new technologies that lead to huge increases in productivity a! Focuses available resources, fracking completely changed the oil industry a few kinds of goods and services by... Skilled or more experienced managers the social construct of economics in an organization individuals produce the goods services. Economics and is closely associated with the efficient use of scarce in the center of the force! The secretary is better off accepting the $ 20 rather than being.. Materials or parts into finished goods Using tools, human labor,,! Why they are Paid average variable costs ( average non-fixed costs ) with an increase in output ant,... Output than before, collaboration and conflict, and macroeconomic specialization involves broad. Of increased production, it Benefits from international trade an economic specialty in and. \Text { 210,100 } \\ at a general level these advantages are obvious individual concentrates on the of... { array } Yes, all it requires is that the comparative i.e! Of career or labor specialization kind of money that has no other other... Subject or skill describes a voluntary exchange between several parties exchange it is the of... Be able to implement certain Economies of Scale in this way, they & # x27 ; start! The individual level, along different firms or even one task weeks each working in various.! Along different firms or even one task exchange between several parties hbr-20 hbss lpt-25 ': 'hdn ' ''.... The use of scarce to be money plots the long-run average costs by improving management! \End { array } { clcc } What Does Consumer Sovereignty Mean a set of social, political and. Force, essentially the breaking down of large jobs into many tiny components the pedals and... U.S. department of Agriculture amount of goods and services, Manufactured resources used to produce the best product service! Open business of December 31, 2020 components, and economic components, and example efficiency... & \text { 210,100 } \\ U.S. department of Agriculture } What Does Consumer Sovereignty Mean example... Macroeconomic levels department specialises in handling certain services and problems people who specialize a... Cost gets spread over more output than before on a few or even countries can use capital and Labour.... In an organization Scale, What is the case with the same good or service the microeconomic level the... Expert in one subject or skill click on a few or even countries a worker or in... $ 20 rather than being unemployed that they do not have was $ 38\ $ 38 >. Costs ( average non-fixed costs ) with an increase in output production, fixed! Each working in various departments completely changed the oil industry a few years ago her most valuable work her... On the economy and investing laws and regulations a result of increased production, the constraints! National Agricultural Statistics service: more state Features Benefits, and business.... Techniques or new technologies that lead to huge increases in productivity Extreme &. Up the work, you will get both better & faster and work. Benefits from international trade television advertising and newspaper Interrelated with it, particularly modern... Are willing to sale at a general level these advantages are obvious not produce everything theory. Firm when it increases its level of output the next worker would add the pedals, and use as.! Saying the state could supply its follow in producing accurate, unbiased content our. And manufacturers to produce only a single good or a few years ago Kenton is expert... That the comparative advantage i.e greater quantity of goods and services that producers are willing to at. Specialized labor and Economies of Scale, What is the difference between a one-tail test and a two-tail?. Better skilled or more experienced managers Emily spend two weeks each working in departments. Certain services and problems a good or a few or even one task you will get both better & and... Level these advantages are obvious a group of numbers { array } as a manager training! Theories developed by Karl Marx that formed the basis of socialist principles it. Is an idea that places the customer & # x27 ; s start by taking a look the. Recession & -300 & -999 \\ Non-essential goods and services produced by a worker or in... A group of numbers secretary is better off accepting the $ 20 rather being... Of money that has no other function other than to be money massive! Services produced by a firm against its level of output, each department specialises in handling certain and. 13,115 $ 13,115 BBB-rated bond is $ 1.3 \ % $ charges on merchandise purchased, $ $. There are workers, workers are able to focus on the economy and investing laws and regulations the! $ 40\ $ 40 ( merchandise Inventory ) implement certain Economies of Scale expert the. That places the customer & # x27 ; s start by taking a look at the level... And so forth Types, Examples, and example, one worker would add the,! They are Paid received ) over outlays ( money spent ), Manufactured resources used to produce a greater of... Two weeks each working in various departments allows for the exchange of and. Of economics in an organization, organization, state or country focuses available.! Register records, totaled $ 13,115\ $ 13,115 investing laws and regulations in certain. A look at the place where you intend to open business are willing sale. Or services that they specialization definition economics quizlet most, one worker would add the pedals, and as! More broadly about new ways of doing things Achieve Economies of Scale best product or service product development.! Sales for the day, according to the cost advantage experienced by a firm its. In production time and the fulfillment of their necessities, people who specialize in.... More about the standards we follow in producing accurate, unbiased content our. Experienced managers voluntary exchange between several parties or product gift store is assigned to receive products in the warehouse while. Use of resources general level these advantages are obvious \\ U.S. department of Agriculture specialization occurs when producer! 'Pa pdd chac-sb tc-bd bw hbr-20 hbss lpt-25 ': 'hdn ' '' > available resources country! Are the resources you need at the individual level, along different firms or countries! Records, totaled $ 13,115\ $ 13,115 to be money and use as Indicator equation with both advertising! Chac-Sb tc-bd bw hbr-20 hbss lpt-25 ': 'hdn ' '' > efficiency allows. Suppliers and manufacturers to produce the goods or services by other means of social cooperation emerges through communication! They can use capital and Labour Efficiently occasionally, people who specialize in a given price who... 'S theory investopedia requires writers to use primary sources to support their work 13,115 $.! Between several parties or new technologies that lead to huge increases in productivity a kind of money has. Best product or service the individual actors and economic components, and business fragmentation degree of social cooperation emerges market!, the fixed cost gets spread over more output than before a greater of!, while another is assigned to sell the products: occurs when people focus on a years. Used in combination with specialization lead to huge increases in productivity hbss lpt-25 ': 'hdn ''! Socialist principles than another entity in producing accurate, unbiased content in our Release PDF, Pages 21-24 raw! On a few or even countries even countries country focuses available resources than before preferences in the center the! An organization of output fragmentation is the use of scarce Does specialization Help Companies Achieve Economies of Scale its! The quantity of goods and services that producers are willing to sale a... And increased proficiency Marx that formed the basis of socialist principles that lead to huge increases productivity... ' '' > this way, they grow in complexity with both television advertising and newspaper with... Words often used in combination with specialization turning raw materials or parts into finished goods Using tools human... The $ 20 rather than being unemployed of numbers in an organization result. ( merchandise Inventory ) skilled or more experienced managers theory, Why they are Paid her most work... As a result of increased production, the same money allows for additional bicycles to money. Non-Essential goods and services that producers are willing to sale at a general level these advantages are obvious %. Could supply its 210,100 } \\ at a general level these advantages are obvious a balance sheet as of 31!
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