Arab League

• A gold bug is one who explains the value of gold as an investment and thinks that its price will constantly rise.

• The United States issued gold certificates, the face value of which was identical to their face value in dollars, from 1879 to 1934, when the country abandoned the gold standard.

• The gold standard is a monetary system backed by the value of physical gold.

Krugerrands are South African gold coins minted in 1967.#

• The resource curse refers to countries that lag behind economically despite benefiting from valuable natural resources.

• A store of value is an asset that retains its value and does not depreciate.

• The 1979 energy crisis was one of two oil price shocks in the 1970s - the other was in 1973.

• Category 3P oil reserves represent the total amount of estimated reserves, including all proved and unproved reserves to which the company has access.

• An absolute advantage is when a manufacturer can provide a greater quantity of a product or service for the same price or the same quantity at a lower price than its competitors.

• Aggregate demand measures the total demand for all finished goods and services produced in an economy.

• All goods produced at a certain price in a certain period represent the aggregate supply.

• Agribusiness is a combination of the words “agriculture” and “business” and refers to any business related to agriculture and commercial activities related to agriculture.

• Autarky refers to a state of self-sufficiency and is commonly used to describe countries or economies that seek to reduce their dependence on international trade.

• The balance of payments includes both the current account and the capital account.

• The balance of trade (BOT) is the difference between the value of a country’s imports and exports over a given period and is the largest component of a country’s balance of payments (BOP).

• A barrel of oil equivalent (BOE) is a way of standardizing natural gas and other energy resources against a barrel of oil energy.

• Base effect refers to the effect that the choice of base of comparison or benchmark can have on the result of a comparison between data points.

• The boom and bust cycle describes the alternating phases of economic growth and recession that characterize modern capitalist economies.

• The Bretton Woods Agreement and the system created a collective international currency exchange regime that operated from the mid-1940s to the early 1970s.

• A buyer’s market refers to a situation in which buyers have an advantage over sellers in price negotiations.

• The circular flow model demonstrates how money moves from producers to households and back in an endless cycle.

• Containment policies are macroeconomic instruments designed to combat economic distortions caused by an overheated economy.

Cost-push inflation occurs when general prices rise (inflation) due to an increase in the cost of wages and raw materials.#

• Cross elasticity of demand is an economic concept that measures the response of the quantity demanded of one good to a change in the price of another good.

• Crude oil is a raw natural resource that is extracted from the earth and processed into products such as gasoline, jet fuel and other petroleum products.