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Explain How,according to the Theory of PSST (Patterns of Specialization

question 109

Essay

Explain how,according to the theory of PSST (patterns of specialization and sustainable trade),economic activity can decline in the face of unchanged aggregate demand.Give a hypothetical example to help support your answer.


Definitions:

Technical Manual

A document that provides instructions, specifications, and guidelines for the operation, maintenance, or understanding of a specific system or product.

Exact Specifications

Detailed and precise descriptions of the requirements for materials, products, or services.

General Description

A broad or overall outline of an object, situation, or set of conditions, often providing basic details without going into in-depth specifics.

Trade Custom

Established practices or patterns of behavior that are widely accepted and followed within a particular industry.

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