OPEC was established in Baghdad, Iraq in September 1960. Like many other international organizations, OPEC was formed by a few founding members, namely, Iran, Iraq, Kuwait, Saudi Arabia and Venezeula.
In the 1960s, five more countries became members: Qatar (1961), Indonesia (1962), Libya (1962), Abu Dhabi (1967) and Algeria (1969). In 1974, the United Arab Emirates of which Abu Dhabi was the dominant member took Abu Dhabi’s place.
Economic analysis is both theoretical and empirical. Both theoretical and empirical analyses use three types of languages which are verbal, statistical and mathematical.
Measures of dispersion or spread give us some idea of how the values of a distribution cluster around the average and to what extent the observations differ from the mean. The three main measures of dispersion of a distribution are the range, the variance and the standard deviation.
A centrally planned economy is an economic system in which economic decisions are made by the government of a country through a central economic planning bureau. It is also called a command economy and is associated with a socialist or communist economic system.
Solid minerals are naturally occuring substances derived from the earth which are of great value to man. They include metalic ores, fuel minerals (such as coal. uranium, signet, tar sands), industrial minerals and rocks (such as limestones, marble, etc.) and gemstones/ornamental stones.
Traditional economic system is the type of economy system that prevailed in all independent human organization or settlements prior to their contact with the outside world. In Africa, for instance, feudalism and communism predominated before contact with Europeans.
In mixed economic system, decisions regarding what, how and for whom to produce are partly handled by the state and partly by the individuals and private organizations.
What is Free Enterprise System?
Free enterprises system is an economic system that believes in the efficacy of the interplay of market forces of demand and supply in the allocation and distribution of scarce societal resources.
Free enterprise economic system believes in the right of individuals to-own any property through legal...
Capitalism may be defined as an economic system in which all or most means of production are owned and controlled by private individuals and in which the economic activity of the government is at a minimum while Socialism is an economic system where the state takes the major economic decisions through detailed planning. Countries that adopt this system do not believe in the efficacy of market forces.
According to Professor Robbins, Economics may be defined as “a Science which studies human behaviour as a relationship between ends and scarce means which have alternative uses."
Why Economics is a Science? | Economics is called a science subject because it uses scientific measures to explain, observed phenomena and predict the outcome of future events. This scientific method of observation is generally referred to as inductive method.
Basic Problems of Economics | Scarcity and choice are the cardinal problems faced by economists and the society at large. The study of economics is necessitated by scarcity and the problem created by scarcity has led to choice.
Opportunity cost means the alternative foregone or sacrifice made in order to satisfy another want. It refers to the need that is left unsatisfied in order to satisfy another more pressing need.
Scale of preference refers to a list of individual wants in order of their relative importance. The drawing of scale of, preference will make it easier for choice to be made.
E-government is the use of the internet and the world wide web for delivering government information. The focus of e-government should be on the use of information and communication technologies for better government.
The Millennium Development Goals refer to a set of fundamental goals set by the United Nations in 2000 which all member states of the United Nations and, particularly developing countries, are required to achieve within a period of fifteen years.
The New Economic Partnership for African Development (abbreviated as NEPAD) is an economic development programme of the African Union (AU). It was established on October 15, 2001 at a summit of the African Union in Lusaka, Zambia.
Why Study Economics? - The study of economics assists individuals to be independent and be practical individuals. This is possible through the application of practical approaches to emerging issues and providing solutions to deny problems.
Economic growth is a sustained regular increase in total national income. This regular increase might have been brought about by an increase in the capacity to produce more goods and services.
