Economics

Economics

basics of economics

Industry: Economy

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Economics

Organisation of Petroleum Exporting Countries (OPE

Economy; Economics

A cartel set up in 1960 that wrought havoc in industrialised countries during the 1970s and early 1980s by forcing up oil prices (which quadrupled in a few weeks during 1973–74 alone), resulting in ...

Organisation for Economic Co-operation and Develop

Economy; Economics

A Paris-based club for industrialised countries and the best of the rest. It was formed in 1961, building on the organisation for European Economic Co-operation (OEEC), which had been established ...

Optimum

Economy; Economics

As good as it gets, given the constraints you are operating within. For the concept of optimum to mean anything, there must be both a goal, say, to maximise economic welfare, and a set of ...

Optimal currency area

Economy; Economics

A geographical area within which it would pay to have a single currency. An optimal currency area can come in many sizes. Some may span several countries and others may be smaller than an individual ...

Open-market operations

Economy; Economics

Central banks buying and selling securities in the open market, as a way of controlling interest rates or the growth of the money supply. By selling more securities, they can mop up surplus money; ...

Ooffshore

Economy; Economics

Where the usual rules of a person or firm's home country do not apply. It can be literally offshore, as in the case of investors moving their money to a Caribbean island tax haven. Or it can be ...

Price elasticity

Economy; Economics

A measure of the responsiveness of demand to a change in price. If demand changes by more than the price has changed, the good is price-elastic. If demand changes by less than the price, it is ...