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ORGANIZATION OF PETROLEUM EXPORTING COUNTRIES: An international organization of more than a dozen nations located primarily in the Middle East, Africa, and Central America that controls a sizeable portion of the world's petroleum reserves. Commonly abbreviation OPEC, this organizations control over oil reserves gives it significant market control, which it has been inclined to exert from time to time. The most noted time was the 1970s. OPEC raised oil prices from a scant $2 to $3 a barrel in the early 1970s to over $30 a barrel by the end of the decade. As an group of independent oil-producing nations seeking to monopolize the market, OPEC represents a textbook example of an cartel.
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FACTOR MARKET, EFFICIENCY A factor market achieves efficiency in the allocation of resources by equating marginal revenue product to factor price. Perfect competition, as the efficiency benchmark, is the only market structure to satisfy this criterion and achieve factor market efficiency. Monopsony, oligopsony, and monopsonistic competition are inefficient because they equate marginal revenue product to marginal factor cost, both of which are greater than factor price.
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YELLOW CHIPPEROON
[What's This?]
Today, you are likely to spend a great deal of time looking for a downtown retail store hoping to buy either several magazines on computer software or a T-shirt commemorating the second moon landing. Be on the lookout for letters from the Internal Revenue Service.
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This isn't me! What am I?
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More money is spent on gardening than on any other hobby.
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"Learn to enjoy every minute of your life. Be happy now. Don't wait for something outside of yourself to make you happy in the future. Think how really precious is the time you have to spend, whether it's at work or with your family. Every minuteshould be enjoyed and savored." -- Earl Nightingale
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NIA
National Income Accounts
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