Introduccion Mercado
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Transcript of Introduccion Mercado
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LKPRA@TJJLAK FDKDREC
Jerejtdrstljes `d ce lk`ustrle
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Ce jdrvdze pud`d `dglklrsd jaoa9 Ce bdbl`e abtdkl`e# e pertlr `d ce lkguslk
`d frekas fdrolke`as y ce subslfuldktd gdrodktejlk jak kpra`ujjlak `d dtekacy JA2 `d ce sacujlk ezujere`e pra`ujl`e e pertlr `d ecol`k par ce ejjlkdkzlotlje
^ar uke `lvdrsl`e` `d rezakds# ce jdbe`e sd me jakvdrtl`a dk dc jdrdecdcdfl`a par dc jdrvdjdra# oldktres qud dc trlfa me sl`a prdgdrl`a par dc
peke`dra eukqud dxlstdk budkes jdrvdzes dk ces qud pertljlpe dstd jdrdec+
Dk sus arfdkds ce jdrvdze dstuva dstrdjmeodktd rdcejlake`e jak dc pekEktds `d jakajdrsd dc prajdsa `d oectde`a ce jdrvdze sd dcebarebe e pertlr `d
uk pek `d jdbe`e
Zd jaoe teoblk dc pek a saca dre `dstlke`a e ce dcebarejlk `d ce bdbl`e1
Ka dste jcera8 pdra ecfukas mlstarle`ards sastldkdk qud dc pek `d jdbe`e ka dsouy epdtdjlbcd par ca qud perdjd `u`asa qud gudre uk pra`ujta glkec y par
dcca#saca utlclze`a jaoa pra`ujta lktdrod`la
UTD @DGLKD E CE JDRWDYE1
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Lk`ustrle ouy jakjdktre`e y oekdie`e parpajas frupas e klvdc ouk`lec+
Ce frek lk`ustrle `dserracce tlpasdstek`erlze`as y gjlcds `d bdbdr
Atre lk`ustrle `d pdquda teoea me l`ataoek`a rdcdvekjle agrdjldk`a ukeouctltu` `d pra`ujtas# esdodik`asd e cejdrvdze `d pub a `d tebdrkes qud gud dclkljla `d ce fdkdreclzejlk `dc jaksuoa `d
dste bdbl`e
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Rezakds `d su `lguslak
Ce oetdrle prloe dsdkjlec sd pra`ujd beiaouy verle`es jak`ljlakds
Cas jdrdecds sak `d gjlc ecoejdkeoldktay sak paja pdrdjlbcds
Zu pra`ujjlk ka ds dstejlakec
Ka sd rdquldrd `d uke frek dqulpeoldktad lkgredstrujture
Zd pra`ujdk uke frek jektl`e` `d tlpas ydstlcas+
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Ds uke lk`ustrle ouy tdjklglje`e#rdspec`e`e par oujma jakajloldktajldktglja+
Werlas `d cas pesds jdrvdjdras sak pesdslk`ustrlecds y gudrak ejtards `d cerdvacujlk lk`ustrlec+
Ecfukes jaopees jdrvdjdres mekjakte`a jak verlas prdolas kavdc dk su`dperteodktas `d -Jercsbdrf# Mdlkdhdk,
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Tk paja `d mlstarle
Zd jakajd `ds`d Odsapateole ukas 7>>> eas
Zak pajas cas ektdjd`dktds `lrdjtas qud sdtldkdk `d dcce -sak dk fdkdrec `d jerjtdr
erqudacflja, @ds`d sus arfdkds dstuva rdcejlake`as jak
espdjtas jdrdoaklecds y prapljletarlas+
Dk dc ektlfua Dflpta ecjekza uke freklopartekjle Aslrls y su dspase Lsls sak cas quddksdek e cas maobrd e jajdr ce jdrvdze
Dk dstd pdrla`a su rdcejlk jak dc pek ds ouy
dstrdjme
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\ dk Dflpta1
Erqudcafas `d ce Tklvdrsl`e` `d Jeobrl`fd mek dstebcdjl`a joa casektlfuas dflpjlas rdeclzebek su tdjkacafe `d gdrodktejlk mejd :+>>>
eas
Ce jdrvdze y dc pek gudrak cas lkfrd`ldktds `d oeyar lopartekjle dk
ce `ldte `d cas ektlfuas dflpjlas#
Dk equdcce paje# ce jdrvdze sd usebe jaoa uke dspdjld `d eclodktaclqul`a y ta`as ce bdbek# `ds`d dc Gerek meste sus sb`ltas
@urektd dstd pdra`a mey `ajuodktas `d uke eopcle verld`e` `d tlpas`d jdrvdze+
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Oa`dca `d jdrvdjdre dk dc LopdrlaKudva `dc ektlfua Dflpta+
-Zdfk dc @r+ @dcwdk Zeoudc,+
Ce jdrvdjdre gcardjl dk Dflpta meste glkec`dc slfca ajteva `dspus `d Jrlsta#paje dk qud cas rebds ousucoekdsjakqulsterak ce rdflk
Zd supakd qud odrje`drds jak ce
Jucture jdrvdjdre# errlberak e ces LscesBrltkljes+
@urektd ce lkveslk `d Iucla Jdser dk dcea 44 E+J+# cas raoekas dkjaktrerak qudce jdrvdze sd dcebarebe dk ces lsces
Dsqudoe `d gebrljejlk `d jdrvdze dk dflpta
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^drla`a Mdcdklja
Juek`a ca frldfas jakqulstek Dflpta ::5EJ lktra`ujdkdc vlka qud sd treksgaroe dk dc prdgdrl`a `d ces jcesdsectes+
Cas frldfas drek jaksuol`ards `d vlka y esajlebek cejdrvdze jaoa uk bdbl`e pravdkldktd `d pudbcasmastlcds+
Dstd jakjdpta teoblk sd ejafd dk dc lopdrla raoeka
Ce jdrvdze jabre lopartekjle dk ecfukes rdes `dclopdrla# `ak`d ka sd pra`uje vlkas
Pekta dk Frdjle Jaoa dk Raoe ce jdrvdze pldr`d surdcejlk jak espdjtas jdrdoaklecds qud ds ajupe`e pardc vlka+
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D`e` Od`leCas `ajuodktas `d ce D`e` Od`le sak dsjesas# pdra sebdoas qud
`urektd ce paje od`ldvec# ce ejtlvl`e` jdrvdjdre qud` os a
odkas jakglke`e dk cas oakestdrlas# tekta dk ces Lsces Brltkljesjaoa dk ce Durape jaktlkdktec+
Dk dc slfca ]LLL dxlstldrak jldktas `d jdrvdjdres oakejecds dk ce
Durape `dc Kartd# je`e juec ebestdje e ce jaoukl`e` cajec jak sus
odrjekjes# ca qud rdsuct uk oa`a jakvdkldktd `d fdkdrer casgak`as# qud drek `d`lje`as glkecodktd e abidtlvas os sektas
Ecfukas `d dstas jdktras jdrvdjdras oakstljas pdr`urek ek
dk Bcflje y dk Macek`e
Cas oakids jdrvdjdras `d Bevldre dstebcdjldrak cas prlkjlplas
`d ce dcebarejlk `d ces Cefdr y gudrak cas qud jaodkzerak e
lkjarparer dc cpuca jak `lvdrsas glkds y `lstlktas `d cas
ejtuecds
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Cas jdctes y Fdroekas
Yake `d Lopartektds jdktras jdrvdjdras-Lrcek`e# Dsjajle# Macek`e EcdoekleBeverle,
Ce tjklje jdrvdjdre ds equ `lgdrdktd cesjak`ljlakds jclotljes es ca abclfek-Oectde`a `lgdrdktd,
Ce jdrvdze ce dcebarebek epertlr `djdbe`e y `d trlfa y!a odzjces
Drek jdrvdzes `are`es y es bldk per`es
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Oakestdrlas
Zak cas qud jaksdrvek frek pertd `dcjakajloldkta `dserracce`as dk cas tldopamdckljas y `dc lopdrla Raoeka
Oujmas `d dccas sd treksgaroek dkjdktras jdrvdjdras
Cas oes prabebcd ds qud dc usa `dc cpucajaodkzere dk oakestdrlas bveras
Zd `dserraccek `lsdas `d jdrvdjdrles yprajdsa pere `lstlktas tlpas
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Jaoldkza `dc pragdslakeclsoa
Dstd sd `dserracce ec eopera `d ce rdvacujlk lk`ustrlecpdra teoblk lkjarpare `dserracca `d oerjes y `dodrje`as+
Ce RL pravaje dc jrdjloldkta `d ces jlu`e`ds -jdktras`d jaksuoa,
Dc e`vdkloldkta `dc cas trekves pdroltd dc trekspartdoeslva
@dserracca `d ce Oequlke e vepar
@dserracca `d utdkslclas -tdroodtra # `dksodtra,
Pa`es dste treksgaroejlakds sd lopcdodktek dkLkfcetdrre y oujmes `d dcces dk Cak`rds
Jak dcces sd eopcle dc kodra `d jdrvdzes tlplglje`esqud sd pra`ujdk
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Beverle y dc jrdjloldkta `dCEFDR
Meste dc glkec `dc slfca ]L] Beverle sdoektuva jaoa rdflk rurec jak ouy pajespabcejlakds urbekes
Meste dc slfca ]WL ce bdbl`e prdgdrl`e dredc vlka+
@ds`d dc slfca ]WL ce sltuejlk jeoble yBeverle ds slkkloa `d rdflk jdrvdjdre
Eccl sd pra`ujdk jdbe`es `d dxjdcdktdjuecl`e` jdrvdjdre y cas odiards cpucas,
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@dserracca `d ce oljrablacafle
^estdur dk Grekjle rdeclze sus dstu`las dkjdrvdze
Zd l`dktlgljek ces cdve`ures gdrodktetlvesZejjm+ Jdrdvlsled
Zd jaoprdk`dk cas gejtards qud odiareksu ejtlvl`e` -P `d gdrodktejlk #rdqudrloldktas `d elrdejlk# kdjdsl`e`dskutrljlakecds,
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Tk dvdkta `d frek lopartekjle
^ar oes `d :>>> eas ce jdrvdze gud ouy `lgdrdktd e ca qud ds dk ce ejtuecl`e`+E`dos su jaksdrvejlk dre ouy prdjerle y sdfureodktd jaktdke vecardsdcdve`as `d ejl`a ejtlja
Tka `d cas oeyards epartds `d ce lkvdstlfejlk oakstlje# gud dcdstebcdjloldkta `d qud cas cpucas jaktdkek jaopakdktds qud drek l`decdspere ce eraoetlzejlk y jaksdrvejlk `d ce jdrvdze
Zd ejdpte qud cas cpucas gudrak use`as par vdz prlodre vdz dc ea 6:7`+J+ par cas grelcds jdrvdjdras dk ce rdflk Meccdrteu `d Bevldre
Zu `lguslk gud cdkte y saca ecjekza ces lsces Brltkljes dk dc ea 542=
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Lkljla `dc oekdia `d ce gdrodktejlk9dstebcdjloldkta oljrablacaflja `dc
prajdsa
Zabrd jdrvdjdre gudre `d ces Lsces Brltkljes# jak rdsucte`as qudmljldrak paslbcd ce pra`ujjlk `d jdrvdze e ca cerfa `d ta`a dc ea+Meste dktakjds# ce dcebarejlk `d jdrvdze qud`ebe jakglke`e e casodsds `ds`d kavldobrd meste ebrlc -cas lktdktas `d pra`ujlr jdrvdze dkcas odsds `d vdreka lkverlebcdodktd arlflkebek frevds lkgdjjlakds dkce gdrodktejlk,+
Ces jdrvdzes abtdkl`es `urektd ta`a dc ea gudrak cceoe`esrukklkf bddrs -jdrvdzes ar`lkerles,# e `lgdrdkjle `d ces pra`ujl`es`urektd cas odsds gras cceoe`es stajh bddrs -jdrvdzes
ecoejdke`es,+
Ces lkvdstlfejlakds `d ^estdur gudrak `dtdrolkektds dk dc dstebcdjloldkta `dcce keturecdze blacflje `d ce gdrodktejlk y `d ces jak`ljlakds dk qud `dble`dserraccersd
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Tk dvdkta `d frek lopartekjle
^ar oes `d :>>> eas ce jdrvdze gud ouy `lgdrdktd e ca qud ds dk ce ejtuecl`e`+E`dos su jaksdrvejlk dre ouy prdjerle y sdfureodktd jaktdke vecardsdcdve`as `d ejl`a ejtlja
Tka `d cas oeyards epartds `d ce lkvdstlfejlk oakstlje# gud dcdstebcdjloldkta `d qud cas cpucas jaktdkek jaopakdktds qud drek l`decdspere ce eraoetlzejlk y jaksdrvejlk `d ce jdrvdze
Zd ejdpte qud cas cpucas gudrak use`as par vdz prlodre vdz dc ea 6:7`+J+ par cas grelcds jdrvdjdras dk ce rdflk Meccdrteu `d Bevldre
Zu `lguslk gud cdkte y saca ecjekza ces lsces Brltkljes dk dc ea 542=
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Cas Epartds `d Jercsbdrf
Lkstltujlk guk`e`e dk 5=64 qud pubclj uke frek jektl`e` `d lkvdstlfejlkjdrvdjdreGudrak guk`eodktecds cas trebeias `d Dolc Meksdk sabrd dc juctlva pura `dcdve`uresy `d Iamek Hidc`emc# sabrd ce `dtdrolkejlk y dgdjtas `dc kltrfdka
Dc trebeia `d Meksdk cd jak`uia e ce jakjcuslk `d qud ka ta`es ceslkgdjjlakds `d ce jdrvdjdre drek jeuse`es par bejtdrles -jaoa ^estdur mebesupudsta,# slka qud teoblk dstebek lopclje`es atres cdve`ures `lstlktes `dZejjmeraoyjds jdrdvlsled+
@ds`d dsas oaodktas ce jdrvdze me sl`a uk od`la qud me jaapdre`a oujmadk dc evekjd `d verle`es `lsjlpclkes jldktgljes# tek `lsperds jaoa
Uuolje `dc pMUuolje `d pratdkes
Fdktlje `d cdve`ures
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Dtepes oa`drke `d ce lk`ustrlejdrvdjdre
Dk uk ertjuca# -R+E+ Ek`drsak# I+ Lkst+ Brdw+# 5# qud `dbl`a e ce ecte tdjkacafey cas eiuste`as jaktracds glkekjldras# me jak`ujl`a e uk oeyar `dslktdrs par
ce lkvdstlfejlk guk`eodktec
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EKPDJD@DKPDZ
FDKDRECDZ @D ODRJE@A
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Bddr Jaksuoptlak
Pmd warc` papucetlak ls stlcc frawlkfstde`lcy ek` tmd ekkuec pdr jeplte
jaksuoptlak ag bddr mes rlsdk scawcy ta tmdjurrdkt cdvdc ag 27+0 c + Lt ls dvl`dkt tmetDurapd ek` Eodrlje mevd ek evdrefdjaksuoptlak ag erauk` 7> c# wmdrdes tmdvecud gar tmd rdst ag tmd warc` rekfdsbdtwddk 5> ek` 24 c
Jakuoa sdfk dstlcas
Juek`a sd jaksl`drek cas `as tlpas
prlkjlpecds `d jdrvdze sd jaoprudbe quddc
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DTRA^E @DC DZPD
DTRA^E JDKPREC \ @DC DZPD
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Ektdjd`dktds fdkdrecds `dc odrje`a `dc Cu
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^rlkjlpecds pelsds pra`ujtards
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ECFTKAZ WECARDZ @D ^RA@TJJLAK ZDFK PL^A
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PL^AZ @D DKWEZDZ
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Lopartekjle y vecar ejuoucetlva `d pertljlpejlk dk dc odrje`a ouk`lec
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^rlkjlpecds jaopees jceslglje`es par jaktlkdktds y rdes fdafrgljes
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^rlkjlpecds oerjes d jdrvdzes e klvdc ouk`lec
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Jaksuoa pdrjeplte `d jdrvdze
Jaksuoa tatec `d jdrvdze
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Tke lk`ustrle9 pdra jak `asoa`dcas
Prekskejlakecds
Jdrvdjdresertdsekecds y
oljrajdrvdjdrles
^ajes jaopeles y pajas tlpas `d
jdrvdzes
Frek etaolzejlk y lkouodrebcdstlpa y verlekektds `d jdrvdzes
Juate `dOdrje`a
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Dtepes dsdkjlecds `dc prajdsa
jdrvdjdra
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Zdcdjjlk y ecoejdkeoldkta `dce jdbe`e
Gejtards `dsdcdjjlk
Beia jaktdkl`a `d KBeia jaktdkl`a `d FcujekasBeie @aroekjleDcdve`e vleblcl`e` `dc dobrlkDcdve`e jepejl`e` dkzlotlje
Ecoejdkeoldktajul`e`asa
Jak`ljlakds `d muod`e`Klvdc `d elrdejlkMaodfdkdl`e` `dc frekaFreka DktdraDclolkejlk `d oetdrlecds dxtreas
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Oectde`a y sdje`a
Euodkta `dmuod`e`
Jak`iujjlk `dce fdrolkejlk
@dtdkjlk `d cefdrolkejlk
Muod`e` `ds`d 52/5: e 0:/07Jak`ljlakds pere rupture `d ce `aroejleLkljla `d ce sktdsls `d flbdrlclkesJaoldkza `d ce `lfdstlk `doejrapaclodras
^rajdsa jaktrace`a od`lektd
Pdopdreture y oekdia `d fesdsCes dklzloes slktdtlze`es `dfre`ek casfcujekas y pdktasekas y pratdkesCes eolceses sd clbdrek y slktdtlzekoa`lgljek`a perjlecodktd dc caspaclodras `dc dk`aspdroe
Zdje`a dk jak`ljlakds jaktrace`es qud`ek cufer e `lstlktas tlpas `d oectesOecte `d dcdve`a pa`dr dkzlotljaOectes dspdjlecds ecfukes slkpa`drdkzlotlja pdra eraotljes y jacarde`es
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Oacldk`e y dopeste`a
Preksgaroejlkgslje `d oecte
Fdkdrejlk `d pertjuces `d `lstlktas
teoea pere pdroltlr su ml`retejlk yuke budke oa`lgljejlk dkzlotljeDc fre`a `d oacldk`e `dpdk`d `dc tlpa`d prajdsa `d pastdrlar sdperejlk `dces jubldrtes `dc freka
@lfdstlk
dkzlotlje `dpacodras
Jak`ljlakds `d tdopdreture perepdroltlr ce fdcetlklzejlk `dc ecol`k y ce
ejtlvl`e` `d verle`es dkzloes dktrd cesprlkjlpecds9 fcujekeses# pratdesespdptl`eses# eolceses+
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Dbuccljlk
Lsaodrlzejlk d /jl`as `dc cpuca^rdjlpltejlk `d oetdrlec jacal`ecDclolkejlk `d jaopudstas vactlcds`d ce oecte y `dc cpuca
Euodkta `d ce `dksl`e` `dc oastaDstdrlclzejlk oljrablacflje
Epartd `dc eoerfarEpartd `d eraoe
Dgdjtas `d ce tdopdreture
^drla`a verlebcd `dc 5 e 2 mares
Ds uke `d ces dtepes`d lkjarparejlk `dccupuca
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Gdrodktejlk
Jak`ljlakds sdfk tlpa
EcdsCefdr
Pdop+ `d 54/24Jdpes `d sdperejlksupdrgljlec
Pdop `d 7/54Jdpes `d sdperejlk`ds`d dc gak`a `dcdstekqud
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^drla`a verlebcd
Abidtlvas@lsolkujlk `dc `lejdtlca
@lsolkujlk `d sucgm`rlja^rdjlpltejlk `d pratdkes ypaclgdkacds
^epelkeMl`rafdcds a xdrafdcds
`d slcljd^W^^JcerlgljejlkGlctrejlk -tldrres aodobrekes,^estdurlzejlk
JerbaketejlkCcdke`a `d cas dkvesds
Oe`urejlkDsteblclzejlk
Dkvese`a
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Jdktras jdrvdjdras y dstlcas `djdrvdzes
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Plpas `d jdrvdze
Ces prlkjlpecdsECD
CEFDR
ZPATP
@d ejudr`a e suDcebarejlk
@d ejudr`a e sudstlca
^ECD
@ERH
OLC@
BLPPDR
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Tka `d cas dstlcas oes verle`a
^ARPDR \ ZPATPZ JDRWDYEZ @D PRLFA
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ECDZ
CEFDR
ECFTKAZ DZPLCAZ @D CAZ @AZ PL^AZ @D JDRWDYEZ
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Ecfa `d jaopasljlk quolje
Ce jaopasljlk quolje `d ce jdrvdze dsouy verle`e ds par `d clolte`a epartddktrdfer uk tebce `d jaopasljlk fdkdrec
Juec ds slolcltu` dktrd uke Eodrljekpecd Cefdr y uke @appcd bajh fdroeke
Tke jdrvdze clftm y uke bercdy wlkdlrcek`dse+
A uke jdrvdze ertdsekec y uke jdrvdze
`dc olsoa tlpa dcebare`e parce freklk`ustrle
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Jaopakdktds `d ce Jdbe`e
^ l l c J t ` c
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^rlkjlpecds Jaopakdktds `d cejdrvdze
DPEKACEFTE
JA2
EzujerdsJaopakdktds
kltrafdke`as
Olkdrecds
Wlteolkes
Gdkacds
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Jaopakdktds prabcdoetljas
^DZPLJL@EZ AJMREPA]LKEZ
GDRPLCLYEJLAKKLPRAFDKE@E
^RAPDLKEZODKAR RDK@LOLDKPA
@D D]PREJPA
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Jaopasljlk `dc Cupuca
Dste jaopasljlk sd rdgldrd ec cupucaketlva -jakas,+Zlk doberfa sak ouy pajas casprajdsas qud ca utlclzek `d dse oekdre
Dc epartd `dc cpuca e ce jdrvdze`dpdk`dr `d jaoa sd usd^dccdstsdxtrejtas#dxtrejtas lsaodrlze`as
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