Final answer:
APEC is an economic forum for Pacific Rim economies that promotes free trade and economic cooperation. It differs from OPEC, which is a consortium of oil-producing countries focused on regulating the global oil market and influencing oil prices.
Step-by-step explanation:
The concept associated with APEC, or the Asia-Pacific Economic Cooperation, is b. Economic forum for Pacific Rim economies. APEC was launched in 1989 as a response to the growth of regional trading blocs. It was initially composed of twelve Asia-Pacific countries including Australia, the United States, South Korea, and Singapore, and has since grown to include countries like Mexico, China, Chile, and Russia. APEC promotes free trade and international economic cooperation among its members.
The nations that belong to APEC have in common a geographic location within the Pacific Rim and shared interests in promoting economic growth, cooperation, trade liberalization, and investment in the Asia-Pacific region. These shared interests might lead them to form trade agreements to foster an environment conducive to increased economic collaboration and to help each other maintain and build upon economic growth rates.
The consortium of oil-producing countries that holds a significant portion of the world's oil reserves and thus can influence global oil prices is d. OPEC, the Organization of Petroleum Exporting Countries. OPEC includes members like Venezuela, Iran, Iraq, Kuwait, and Saudi Arabia and is distinct from APEC's economic focus.