Factor by Grouping

question 190

Short Answer

Factor by grouping.

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Definitions:

OPEC Countries

Member countries of the Organization of the Petroleum Exporting Countries, an intergovernmental organization that coordinates petroleum policies among its members to secure fair and stable oil prices.

Aggregate Supply Curve

A graphical representation that shows the relationship between the overall price level in an economy and the total output produced by firms.

Potential Output

The maximum amount of goods and services an economy can produce when it is most efficiently utilizing all of its resources.

Skilled Workers

Employees who have specialized training, expertise, knowledge, and abilities in their fields of work.