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Organizations face many challenges when considering expanding their business globally. Each country got its own economical and legal rules and regulations that a business needs to conform to. Not only do they need to consider the opportunity cost and benefits that may be comes with operating in an international market, they need to understand the risk as well. It is important for ABC Complete Kitchen Inc. executive team to assess and all economic and legal factors that can influence its new plant, then incorporate economic and legal considerations into its operations plan to avoid any risk of obtaining credit, reliable market conditions, or product liability issues.
Economics
In order for one to understand economics they need to know the meaning and the type of questions that economists attempt to supply answers too. Economics “is the social science that studies the choices that we make as we cope with scarcity and the incentives that influence and reconcile our choices” (Edition, 2011, 949). Scarcity is when our wants exceeds our ability to satisfy them. Time, income, and the cost …
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