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Jefferson's embargo in 1807 and the War of 1812:
Adam Smith
An 18th-century economist known for his writings on classical economics, including the concept of the division of labor and the benefits of free markets.
Absolute Advantage
The ability of a country, individual, company, or region to produce a good or service at a lower cost per unit than competitors using the same amount of resources.
Comparative Advantage
An economic theory that suggests a country should produce and export goods in which it has a lower opportunity cost than other countries.
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