Describe the relationship between international trade volume and world output, and identify overall trade patterns. Explain theories of absolute advantage, comparative advantage, factor proportions, and international product life cycles. Explain the theories of new trade and national competitive advantage. Overview Emerging markets show the progress of economies in rapid growth—useful for studying economic theories. Instructions Step 1 – Pick an emerging market like India, China, Brazil, or Russia. Look up information concerning its popular industries and recent growth rates. Step 2 – Write a short paper in which you: Explore the advantages that this country shows and the types of foreign products or services that it depends on. Suggest several key industries the country should focus on for future growth, and several industries that it should establish strong import relationships for. Explain how the theories of new trade and national competitive advantage affects this country’s emerging market. Your paper should be brief—one to two pages (250 to 500 words). Remember to credit any sources you used. Please refer to the Publication Manual of the American Psychological Association, 6th ed. (commonly referred to as APA format), when formatting research papers, crediting sources, and creating reference lists.