​Why Is Organization of Petroleum Exporting Countries (OPEC)so Important

question 32

Multiple Choice

​Why is Organization of Petroleum Exporting Countries (OPEC) so important?

• A) ​They have about 72% of the world's proven crude oil reserves and thus are likely to control most of the world's conventional oil supplies for many years to come.
• B) ​They consist of three countries with about half of the world's proven crude oil reserves.
• C) ​They are the major players in international policy regarding the implementation of progressive and unconventional resources.
• D) ​They control the largest reserves of unconventional resources,including tar sands and shale gas.
• E) ​They consume the largest amount of petroleum products in the world thus are likely to control most of the world's conventional oil market price for many years to come.

Analyze the use of target profit pricing in achieving specific financial objectives.

Understand various pricing strategies used by businesses.

Identify the impacts of competitive factors on pricing decisions.

Distinguish between cost-oriented, demand-oriented, and competition-oriented pricing approaches.

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Definitions:

Cultural Relativism

View that norms among cultures set the standard for what counts as normal behavior, which implies that abnormal behavior can only be defined relative to these norms and that no universal definition of abnormality is therefore possible; only definitions of abnormality relative to a specific culture are possible.

Deviant

Describes behaviors or actions that differ significantly from societal norms or expectations.

Silencing Minorities

The systemic or deliberate suppression of the voices and perspectives of people from minority groups.

Universal Standards

Principles or criteria that are globally accepted and applied across different cultures, societies, and situations.