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1. Explain the key concepts of absolute advantage and comparative advantage in international trade. Compare and contrast these two traditional theories with Heckscher-Ohlin Theory and

1. Explain the key concepts of absolute advantage and comparative advantage in international trade. Compare and contrast these two traditional theories with Heckscher-Ohlin Theory and New Trade Theory. Discuss how each theory uniquely contributes to our understanding of international trade patterns and the allocation of resources. Provide empirical examples to support your arguments.

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