$1.$Using the concept of free trade as discussed in the class materials, explain the difference between absolute advantage and comparative advantage in international trade.

Provide an example of your own household or work experience.

$2.$Explain the $3$ free trade theories related to absolute advantage, comparative advantage, and resource endowment as discussed in the class materials.

Explain how they apply or do not apply the concepts of absolute advantage and comparative advantage.

Provide an example of your own household or work experience.

$3.$Explain significance of protectionism for an economy.

Explain the difference between free trade, protectionism, and fair trade.

Provide a real$-$world example