Adam Smith's discussion of the production in a pin factory illustrates the law of comparative advantage.
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Q82: Adam Smith and David Ricardo worked together
Q83: In a market economy, government decides the
Q84: The principle of comparative advantage helps explain
Q85: The principle of comparative advantage explains specialization
Q86: A society that is inside its production
Q88: Whenever two individuals trade with each other,
Q89: Specialization of labor makes sense only if
Q90: Only a market economy must answer the
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Q92: Voluntary exchange results in mutual gains.
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