Organization of Petroleum Exporting Countries (OPEC)

Organization of Petroleum Exporting Countries (OPEC)

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.

The General Agreement on Tariffs and Trade (GATT) | Aims & Objectives

Measures of Dispersion: Definition, Types, Pros & Cons

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.

The European Economic Community (EEC)

Centrally Planned Economy: Definition & Features

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.