Terms 2

Hello Delegates,

As you prepare for conference here are some more terms that should help you in your understanding of the topic as well as developing your ideas!

Free-Rider Problem - The free rider problem is a market failure that occurs when people take advantage of being able to use a common resource, or collective good, without paying for it, as is the case when citizens of a country utilize public goods without paying their fair share

Production Cost - Production cost refers to the cost incurred by a business when manufacturing a good or providing a service

Quotas - limit the supply of a particular product in order to maintain a certain price level
Price Spread (Brent-WTI) -  The price gap between the international crude oil benchmark "Brent" and its lower cost U.S. counterpart "West Texas Intermediate" (WTI)

OPEC EMU - The Environmental Matters Unit, (EMU) is responsible for monitoring OPEC’s growing international exposure to and involvement in a broad range of energy related issues. It also analyses  developments pertaining to ongoing multilateral debates, and negotiations and treaties, such as those on energy and sustainable development, energy policies in Organization for Economic Co-operation and Development (OECD) countries, climate change issues and World Trade Organization (WTO) negotiations, as well as a number of oil market related dialogues

Venezuela- One of the founding members of OPEC but not in the middle east. They typically stay out of political conflicts and are the force for political neutrality in OPEC