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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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PRINCIPLE OF MEDIAN LOCATION: A basic principle of location theory stating that an activity will select the median or middle point of location when selling an output to, or buying an input from, activities located a disperse points. In particular, this analysis indicates that the activity will locate at the median point, with an equal number of attraction points in any direction, rather than the arithmetic average of the distances to all points. The analysis imposes several restrictive assumptions, including a trip to each location, the same transit cost per mile to each location, the same quantity of output sold to, or input purchased from, each location. The principle of median voter is a similar principle that has been developed in the public choice study of voting behavior. See also | location theory | competition along a line | spatial | space | accessibility | dispersive force | attractive force | public choice |
Recommended Citation:PRINCIPLE OF MEDIAN LOCATION, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2023. [Accessed: February 8, 2023].
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INTERNATIONAL FINANCE The study of the flow of monetary payments and the exchange of currencies among nations undertaken as a necessary complement to the international trading of goods and services. The exchange of currencies takes place through the foreign exchange market, which determines the foreign exchange rate, or exchange rate or one currency for another. The balance of payments documents the flow of currency payments into and out of a given country. A related area of study is international trade, both of which are part of the broader study of international economics.
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BLACK DISMALAPOD
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Today, you are likely to spend a great deal of time flipping through mail order catalogs looking to buy either a package of 4 by 6 index cards, the ones with lines or a 50 foot extension cord. Be on the lookout for empty parking spaces that appear to be near the entrance to a store.
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Francis Bacon (1561-1626), a champion of the scientific method, died when he caught a severe cold while attempting to preserve a chicken by filling it with snow.
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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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