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Econ Chapter 18
| Question | Answer |
|---|---|
| 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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