Global managerial economics

1000-1400 words ;

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

• 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.