global managerial economics
1,000-1,400 words.
Before making a decision about entering into the global market, business owners must familiarize themselves with some macro- and microeconomic concepts:
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-The World Bank and International Monetary Fund
-Imports and exports as part of Gross Domestic Product (GDP)
-Multinational corporations
-Foreign direct investment and capital flows
-Foreign exchange market and 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.
