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It also includes the description of economics phenomena in addition to the study of facts. Hence, there are numerous such definitions on Economics which are explained differently. To compose perfect solutions, in-depth comprehension of economic models and explanations are vital.

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While doing this, Leontief Paradox is utilized to determine the potency of the New Trade Theory. Global trade focuses on the actual transactions happening between different economies. Economics is a huge subject which addresses the activities associated with the production, distribution and consumption of products and services in an economy of a nation.

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