Economic Definitions

Petrodollars

Refers to dollar deposits made by oil producing countries, such as OPEC members depositing their dollars in the European market.

Peak Oil Concept

Peak Oil Concept, pioneered by US geologist M. King Hubbert in the 1950′s refers to the idea that the world has a finite reserve of oil and that it is running out, and underscores the urgency of the situation. Some believe that global oil production will rea

Gold Standard

The gold standard is a monetary system in which a country’s currency unit is freely convertible into a fixed weight of gold. The Gold Standard was used between 1870 and 1914 – currencies were fixed at a set exchange rate to ounces of gold. Countries th

Random Walk Theory

Random Walk is an economic theory that market price movements move randomly. The theory holds that  price history is not a reliable indicator of future price direction. This assumes an efficient market. The theory also assumes that new information comes to the market rand