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Theories of international trade - Coggle Diagram

- - - - According to mercantilist theory, a large population was necessary in order to supply labour, markets, and an army to the nation. The larger the nation, the more wealth in could accumulate, and the bigger its army. So larger populations were associated with an increase in a nation’s prosperity.
    - - At the heart of mercantilism was the belief that wealth was static. As gold was rare, it was seen that there is only a limited supply. So importing more from one nation than it exported meant it was losing wealth. In other words, one nation could only benefit at another’s expense.
    - - Mercantilists believed that by exporting more than they imported, it would be able to acquire a net accumulation of wealth from other nations. However, by contrast, if the nation brought more goods from abroad, it was essentially sending gold, wealth, and power abroad.
- - - - Your product is starting to get noticed. People organically buy/use your product and they like it. Your product’s usage is growing everyday.
    - - Your product has reached maturity and is considered amongst the best in its class. People use it frequently and it is an established brand name.
    - - The product life cycle introduction is where the magic begins. This is when you launch your product. During introduction, there are various product life cycle strategies that you can start with.
    - - New and better products have been entering the market. They have a fresh look and offer better features for a lesser price or for free. You need to refresh it.