What is a Cartel?

A concept so commonly related to violent crime it is in fact an economic concept. Interesting connotation indeed.

Understanding the Basics of Economics

The recent fluctuations in oil prices have affected economies all over the world. How are the prices of a commodity like petroleum controlled? This is a question than can be understood by knowing what is meant by a cartel. Since, the oil is controlled by various cartels across the world the knowledge will throw light on how the pricing works.

Cartel is nothing but an agreement between firms or countries to exclude competition. The Cartel is an association of organizations producing similar commodity. The association will decide on critical issues like price fixation and production in the industry. The aim of such an agreement is to decrease competition and increase profitability for the members. Cashinahurry is a product of the financial cartel Ferratum.

cartel is a form of Oligopoly in which two or more producers colluded together to make a monopoly like situation. OPEC (Organization of Petroleum Exporting Countries) is…

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