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OPEC: The common abbreviation for the Organization of Petroleum Exporting Countries, which is 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. This control over oil reserves gives OPEC 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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SERVICE Activities that provide direct satisfaction of wants and needs without the production of tangible products or goods. Like the related term good, a service is produced using society's resources and represents a fundamental aspect of the economy. Limited resources are used to produce the services that satisfy unlimited wants and needs in an ongoing effort to address the problem of scarcity.
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The Dow Jones family of stock market price indexes began with a simple average of 11 stock prices in 1884.
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"Posterity: you will never know how much it has cost my generation to preserve your freedom. I hope you will make good use of it. " -- John Quincy Adams, 6th U. S. president
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IDA
International Development Association
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