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Econ Chapter 18

Globalization movement toward a more integrated and interdependent world economy
Multinationals produce and sell without regard to national boundaries.
Outsourcing hiring outside firms for non-core operations to lower operating costs
General Trade Agreement on Tariffs and Trade (GATT) international agreement signed in 1947 between 23 countries to extend tariff concessions and do away with import quotas
European Coal and Steel Community (ECSC) Organized in 1951 to coordinate iron and steel production so that it would be difficult for the nations to ever again go to war with one another; eventually evolved into the EU
Free Trade Area of the Americas (FTAA) includes 34 nations and was established in 1994 in order to set up a regional free-trade in the Americas with no internal barriers to trade.
Scarcity the condition that results from not having enough resources to produce all of the things people would like to have.
Subsistence the state in which a population produces only enough to support itself.
Renewable resources natural resource that can be replenished for future use.
hydropower renewable resource that is power or energy generated by moving water
biomass renewable resource that s energy made from wood and wood waste
gasohol renewable resource that is fuel made up of a mixture of 90 percent unleaded gasoline and 10 percent ethanol
solar power third-largest source of renewable energy, and is energy harnessed from the sun.
Nonrenewable resource resources that cannot be replenished once they are used. Ex: fossil fuels, oil, natural gas, coal, and nuclear energy
glut a substantial oversupply
Pollution the contamination of air, water, or soil by the discharge of a poisonous or noxious substance.
acid rain a mixture of water and sulfur dioxide that makes a mild form of sulfuric acid. This is a cost of pollution, as it falls over much of north America and damages forests and rivers
pollution permits federal permits allowing public utilities to release specific amounts of emissions into the air.
Cost-benefit analysis comparing the costs of an action to its benefits
Opportunity costs all of the costs of a decision, not just monetary ones
modified free-enterprise economy free enterprise economy with some government involvement, this allows buyers and sellers to freely make all the decisions that satisfy their wants and needs
Created by: elizabeth.butler



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