GDP (Gross Domestic Product): The total value of goods and services produced within a country's borders during a specific period. It is an important indicator used to measure economic growth or decline.
Multinational Corporation (MNC): A company that operates in multiple countries by establishing subsidiaries or branches abroad. MNCs contribute significantly to global economics through foreign direct investment, job creation, and international trade.
Comparative Advantage: The ability of a country or region to produce goods or services at a lower opportunity cost than other countries. It forms the basis for international trade as countries specialize in producing what they can efficiently produce.