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Is it possible for comparative advantage to change, thus changing the direction of trade?
Economic Laws
Theories or principles that describe behaviors and outcomes in economical activities, often derived from observed patterns and generalized across situations.
Depression
A severe and prolonged downturn in economic activity, characterized by significant declines in GDP, high unemployment, and deflation, more extreme than a recession.
Prosperity
A state of flourishing, success, or good fortune, especially in financial terms.
Other-Things-Equal Assumption
The assumption that factors other than those being considered are held constant; ceteris paribus assumption.
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