Question: 3) In your own words and using real world examples, describe the stages of product life cycle theory. (10 Points) b) Describe how a business

3) In your own words and using real world

3) In your own words and using real world examples, describe the stages of product life cycle theory. (10 Points) b) Describe how a business may use the trade theories to develop its business strategies. Use Porter's four determinants in your explanation. (10 Points) c) Describe Adam Smith's Theory of Absolute Advantage. (5 Points) d) How do countries benefit from comparative advantage? (5 Points)

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