Characteristics of Globalization
Globalization Trends
The Demand for Resources
Pollution and Economic Incentives
Applying the Economic Way of Thinking
100
the movement toward a more integrated and interdependent world economy
What is globalization
100
separation of work into a number of individual tasks to be performed by different workers
What is division of labor
100
natural resource that can be replenished for future use
renewable resource
100
contamination of air, water, or soil by the discharge of a poisonous or noxious substance
What is pollution
100
prepared
What is equipped
200
corporation producing and selling without regard to national boundaries and whose business activities are located in several different countries
What is multinationals
200
the ability to do something at a relatively lower opportunity cost than someone else
What is comparative advantage
200
power or energy generated by moving water
hydropower
200
pollution in the form of rainwater mixed with sulfur dioxide to create a mild form of sulfuric acid
What is acid rain
200
way of thinking that compares the cost of action to its benefits
What is cost-benefit analysis
300
hiring outside firms to perform non-core operations to lower operating costs
What is outsourcing
300
circumstances surrounding a situation or event
What is context
300
energy made from wood, peat municipal solid waste, straw, corn, tires, landfill gases, fish oils and other waste
biomass
300
federal permit allowing a public utility to release pollutants into the air
What is pollution permit
300
cost of the next best alternative use of money, time, or resources when one choice is made rather than another
What is opportunity cost
400
international agreement to extend tariff concessions and reduce import quotas
What is General Agreement on Tariffs and Trade (GATT)
400
group of six European countries formed in 1951 to coordinate iron and steel production to ensure peace among member countries
What is European Coal and Steel Community (ECSC)
400
a fuel that is a mixture of 90% unleaded gasoline and 10% ethanol
gasohol
400
substantial oversupply of a product
What is glut
400
free enterprise system with some government involvement
What is modified free enterprise economy
500
What plan or method does the World Bank use that helps developing countries join global markets
What is strategy
500
34-nation group established in 1994 in order to set up a regional free trade area in the Americas with no internal barriers to trade
What is Free Trade Area of the Americas (FTAA)
500
resource that cannot be replenished once it is used
nonrenewable resources
500
When did the EPA issue additional permits
What is successive
500
lacking the ability to function normally
What is incapacitated
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