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WANTS AND NEEDS: These are the unfulfilled desires that motivate human behavior and that when satisfied improve human well-being. They include both physiological or biological requirements for maintaining life (needs) and the psychological desires which make life more enjoyable (wants). However, when push comes to shove, and the nitty gets down to the gritty, it matters very little to markets if people need goods or want goods, so long as they are motivated to buy the goods to satisfy wants and needs.
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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. See also | market control | monopoly | cartel | entry barriers | exhaustible resource | Hotelling's Rule | switching point | natural resources |
Recommended Citation:ORGANIZATION OF PETROLEUM EXPORTING COUNTRIES, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2026. [Accessed: October 9, 2026].
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ECONOMY The system of production, distribution, and consumption of goods and services that a society uses to address the problem of scarcity.
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BROWN PRAGMATOX
[What's This?]
Today, you are likely to spend a great deal of time strolling around a discount warehouse buying club wanting to buy either any book written by Isaac Asimov or a how-to book on building remote controlled airplanes. Be on the lookout for defective microphones.
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Lombard Street is London's equivalent of New York's Wall Street.
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"There's only one corner of the universe you can be certain of improving and that's your own self. " -- Aldous Huxley, writer
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PRO RATA
According to the Rate (Latin)
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