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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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ALLOCATION The process of distributing resources for the production of goods and services, and of distributing goods and services for the satisfaction of wants and needs and human consumption. This allocation process is an essential part of an economy's effort to address the problem of scarcity.
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PINK FADFLY
[What's This?]
Today, you are likely to spend a great deal of time strolling around a discount warehouse buying club hoping to buy either a handcrafted bird feeder or a New York Yankees baseball cap. Be on the lookout for letters from the Internal Revenue Service.
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Parker Brothers, the folks who produce the Monopoly board game, prints more Monopoly money each year than real currency printed by the U.S. government.
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"The difference between the impossible and the possible lies in a person's determination. " -- Tommy Lasorda
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AACT
American Assocation of Commodity Traders
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