MBA1023 Business Economics: International Trade, Protectionism, Economic Growth, GDP vs HDI

MBA1023 BUSINESS
ECONOMICS

Contents
INTRODUCTION...........................................................................................................................................3
MAIN BODY.................................................................................................................................................3
(a) Define the international trade and state FIVE protectionism tools....................................................3
(b) State the THREE signs that indicate the rising of the international trade..........................................4
(c) Describe what is meant by economic growth and consider if it is always advantageous or
disadvantageous......................................................................................................................................5
(d) Discuss the difference between TWO economic indicators which is gross domestic product (GDP)
and human development index (HDI) that can be used as a basis of comparison...................................7
CONCLUSION...............................................................................................................................................8
REFERENCES................................................................................................................................................9

INTRODUCTION
The introduction of economic practice and theory to commercial, often known as managerial
economics, is known as business economics. Furthermore, Economic is the feature of social
individuals (e.g., customers and organizations) generating and providing products and services in
the face of resource depletion. Administrative or company economics is a discipline of
economics that deals with structuring and distributing a company's limited resources to attain its
objectives (Dymitrowski, 2020). This report based on the James Steel, chief commodities
strategist at HSBC, said in a webcast organized by the London Bullion Market Association on
Thursday that an increase in global commerce would generate an unfavorable climate for the
price of gold. Growing international commerce, he added, is an indication of worldwide financial
progress, international security, and high customer morale. In this report consist of definition of
international trade and state, identify three signs that indicate the rising of global trade. Along
with define about the economic growth with their advantage and disadvantage compare UK
economy with other country economy in broad manner. At the end of the report define about the
difference between GDP and HDI for the analysis of county economy.
MAIN BODY
(a) Define the international trade and state FIVE protectionism tools.
The interchange or trading of commodities and services across countries is known to as
international trade. This type of trade benefits and expands the global economy. Tv screens,
clothing, technology, raw materials, food, raw materials, and other items are among the most
widely exchanged products. Global commerce, which encompasses commodities including such
transportation, travel and hospitality, financing, manufacturing, telecommunication, marketing,
and advertisement, has grown massively. Increased foreign investors and manufacture of goods
and services in an alternate universe are also exciting changes.
Protectionism in economics refers to a policy that shields home businesses from unlawful
foreign competitors. Tariffs, subsidies, quotas, and trade deficits are really the four main
weapons employed in protectionist measures. Protectionism is a solid position based on political
considerations. It helps in the immediate future, but this can be detrimental to the economy. In
global commerce, protectionism can make the nation and its sectors less efficient. Governments