In this code, we create a `defaultdict` object called `fruit_prices` with a default value of `"Unknown"`. We assign prices for `"apple"` and `"banana"`, but when we access the price for `"orange"`, which is not present in the dictionary, the default value `"Unknown"` is returned.
The default value is specified as a lambda function in this example, but you can use any callable object e.g. `list`, `dict` or a function that doesn't require any arguments.
The benefit of using `defaultdict` is that it eliminates the need for explicit checks and handling of missing keys. When accessing a missing key, it automatically creates the key with the default value assigned to it.