Imports and exports as part of gross domestic product

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Reference no: EM13795142

Before making a decision about entering into the global market, business owners must familiarize themselves with some macro- and microeconomic concepts:

The World Bankand International Monetary Fund
Imports and exports as part of Gross Domestic Product (GDP)
Multinational corporations
Foreign direct investment and capital flows
Foreign exchange marketand exchange rates
Labor theory of value
Marginal rate of transformation
Gains from trade, comparative advantage
Economies of scale

First, define these terms in your own words as if explaining them to a business owner (cite to support/note your source). Then, discuss how these terms individually apply to both supply and demand and to a business owner who is contemplating expanding internationally.

Reference no: EM13795142

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