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.