A World Economy in Which the Engines of Growth Could

question 1

Short Answer

A world economy in which the engines of growth could comprise several major industrialized and emerging market economies such as the United States,the European Union,China,India,Brazil,Russia,and South Africa rather than the United States alone is called ______.

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Definitions:

Second-Hand Exposure

Second-hand exposure relates to the involuntary exposure to substances or conditions (such as second-hand smoke) by individuals who are not directly using or engaging in the activity.

Externality

An external effect, either positive or negative, on a party not involved in a transaction or activity.

Property Rights

Legal rights to use, control, or dispose of property, including real estate, intellectual property, and personal assets.

Scarce Resources

Fundamental economic problem of having seemingly unlimited human wants in a world of limited resources, leading to the necessity of allocation decisions.