ECONOMICS
TECHNOLOGY
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Factories, machines, and technology that people use to make products to sell.
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Creative, original thinkers who are willing to take risks to create a new businesses and products.
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Organization of Petroleum Exporting Countries founded to set oil prices and policies.
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A system of changing from one type of currency to another.
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Detailed explanation-1: -The Organization of Petroleum Exporting Countries (OPEC) comprises 11 oil-exporting developing countries. It was founded in Baghdad, Iraq, in September 1960, to unify and coordinate members’ petroleum policies.
Detailed explanation-2: -OPEC’s objective is to co-ordinate and unify petroleum policies among Member Countries, in order to secure fair and stable prices for petroleum producers; an efficient, economic and regular supply of petroleum to consuming nations; and a fair return on capital to those investing in the industry.
Detailed explanation-3: -"They keep prices high by lowering supplies when the demand for oil slumps.” The group can also lower prices by pumping more oil into the market.
Detailed explanation-4: -The Organization of Petroleum Exporting Countries is an example of an international cartel. The organization was created at a conference in Baghdad, Iraq on September 10th-14th, 1960.