Economic Terms Started with 0

A. OECD

The Organization for Economic Co-operation and Development (OECD) is a Paris-based club for
industrialized countries and the best of the rest. OECD countries produce two-thirds of the world's
goods and services. The OECD provides a policy talking shop for governments. It produces forests-worth
of documents discussing public policy ideas, as well as detailed empirical analysis. It also publishes
reports on the economic performance of individual countries

Organization for Economic Co-operation and Development (OECD) adalah klub yang berbasis di Paris
untuk negara-negara industri dan yang terbaik dari yang lainnya. negara-negara OECD memproduksi
dua pertiga barang dan jasa dunia. OECD menyediakan toko pembicaraan kebijakan bagi pemerintah. Ini
menghasilkan dokumen senilai hutan yang membahas ide-ide kebijakan publik, serta analisis empiris
yang terperinci. Ini juga menerbitkan laporan tentang kinerja ekonomi masing-masing negara.

B. OFFSHORE

This occurs where the usual rules of a person or firm's home country do not apply. It can be literally
offshore, as in the case of investors moving their money to a Caribbean island tax haven. Or it can be
merely legally offshore.

B. Lepas pantai

Hal ini terjadi di mana aturan biasa dari negara asal seseorang atau perusahaan tidak berlaku. Ini bisa
benar-benar lepas pantai, seperti dalam kasus investor memindahkan mereka uang ke surga pajak pulau
Karibia. Atau bisa juga hanya lepas pantai secara legal,

C. OKUN'S LAW

A description of what happens to unemployment when the rate of growth of GDP changes, based on
empirical research by Arthur Okun. increase in GDP would be associated with a half a percentage point
increase in the jobless rate. This relationship is not carved in stone, as it merely reflects the American
economy during the period studied by Okun. Even so, in most economies Okun's Law is a reasonable
rule of thumb for estimating the likely impact on jobs of changes in output.

C. HUKUM OKUN

Deskripsi tentang apa yang terjadi pada pengangguran ketika tingkat pertumbuhan perubahan PDB,
berdasarkan penelitian empiris oleh Arthur Okun dalam PDB akan dikaitkan dengan peningkatan
setengah persentase poin dalam pengangguran kecepatan. Hubungan ini tidak diukir di atas batu,
karena hanya mencerminkan Ekonomi Amerika selama periode dipelajari oleh Okun. Meski begitu, di
sebagian besar ekonomi Hukum Okun adalah aturan praktis yang masuk akal untuk memperkirakan
kemungkinan berdampak pada pekerjaan perubahan output.

D. OLIGOPOLY

This happens when a few firms dominate a market. Often they can together behave as if they were a
single monopoly, perhaps by forming a cartel. Or they may collude informally, by preferring gentle non-
price competition to a bloody price war.

Ini terjadi ketika beberapa perusahaan mendominasi pasar. Seringkali mereka bisa bersama-sama
berperilaku seolah-olah mereka adalah monopoli tunggal, mungkin dengan membentuk a kartel. Atau
mereka mungkin berkolusi secara informal, dengan memilih non-harga yang lembut persaingan untuk
perang harga berdarah.

Karena apa yang dapat dilakukan oleh satu perusahaan bergantung pada apa yang dilakukan perusahaan
lain, perilaku oligopolis sulit diprediksi. Ketika mereka bersaing dalam harga, mereka dapat
memproduksi dan mengenakan biaya sebanyak sedikit seolah-olah mereka berada di pasar dengan
persaingan sempurna.

E. OPEC

The Organization of Petroleum Exporting Countries (OPEC), a cartel set that wrought havoc in
industrialised countries by forcing up oil prices (which quadrupled in a few weeks resulting in high
inflation and slow growth. Many firms have switched to production methods that need less oil, or less
energy altogether. Non-OPEC producers such as the UK have brought new oil fields on stream. And
some individual members of the cartel have broken ranks by failing to restrict their oil production,
resulting in lower oil prices.

Organisasi Negara Pengekspor Minyak (OPEC), satu set kartel yang menimbulkan malapetaka di negara-
negara industri dengan memaksakan harga minyak (yang empat kali lipat dalam beberapa minggu
mengakibatkan inflasi yang tinggi dan pertumbuhan yang lambat.

Banyak perusahaan telah beralih ke metode produksi yang membutuhkan lebih sedikit minyak, atau
lebih sedikit energi sama sekali. Non-OPEC produsen seperti Inggris telah membawa ladang minyak baru
pada aliran. Dan beberapa masing-masing anggota kartel telah merusak barisan karena gagal membatasi
produksi minyak, sehingga menurunkan harga minyak.

F. OPEN ECONOMY
Open economy iS an economy that allows the unrestricted flow of people, capital, goods and services
across its borders; the opposite of a closed economy.

G. OPEN-MARKET OPERATIONS

Open market operations are central banks buying and selling securities in the open market, as a way of
controlling interest rates or the growth of the money supply. By selling more securities, they can mop up
surplus money; buying securities adds to the money supply. The securities traded by central banks are
mostly government bonds and treasury bills, although they sometimes buy or sell commercial securities.

H. OPPORTUNITY COST

This is the true cost of something that you give up to get it. This includes not only the money spent in
buying (or doing) the something, but also the economic benefits (utility) that you did without because
you bought (or did) that particular something and thus can no longer buy (or do) something else.

Formative Test 1

A. OUTPUT

This is the fruit of economic activity: whatever is produced by using the factors of production.

B. OUTPUT GAP

It is how far an economy's current output is below what it would be at full capacity. On average,
inflation rises when output is above potential and falls when output is below potential. However, in the
short run, the relationship between inflation and the output gap can deviate from the longer-term
pattern and can thus be misleading.

C. OUTSOURCING

It is some shifting activities that used to be done inside a firm to an outside company, which can do
them more cost-effectively. Big firms have outsourced a growing amount of their business
since,including increasingly off shoring work to cheaper employees at firms in countries such as India.
This has become politically controversial in countries that lose jobs as a result of off shoring.

D. OUTWARD INVESTMENT

This is an investing abroad; the opposite of inward investment.

E. OVER THE COUNTER

In the case of drugs, those that can be purchased without a prescription from a doctor. In the case of
financial securities, those that are bought or sold through a private dealer or bank rather than on a
financial exchange.
F. OVERHEATING

This happens when an economy is growing too fast and its productive capacity cannot keep up with
demand. It often boils over into inflation.

G. OVERSHOOTING

It is the common tendency of prices in financial markets initially to move further than would seem
strictly necessary in response to changes in the fundamentals that should, in theory, determine value.
One reason may be that in the absence of perfect information, investors move in herds, rushing in and
out of markets on rumour. Eventually, as investors become better informed, the price usually returns to
a more appropriate level.