Absolute & Comparative Advantage Mathus Theory Adam Smith Theory Economics Definitions

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Question Description

Write down the definitions of the following:

  1. Absolute and comparative advantage
  2. Mathus theory
  3. Adam smith theory
  4. Socialism
  5. Communism
  6. Capitalism
  7. GDP
  8. Corporation 
  9. Economies of scale
  10. Franchise

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