The diverse enterprises in which various organized crime elements have engaged since the late nineteenth century have created a black market for goods and services in the United States...

Advances in technology have allowed U.S. companies to transfer some functions previously done within the country to overseas contractors or vendors.

OPEC’s founding challenged the power of the “Seven Sisters,” the seven giant international petroleum companies—five of which were incorporated in the United States—that at the time dominated the production, shipping, and refining of oil outside the United States and Russia.

Since its advent during the mid-1990’s, online marketing has become a vital part of the overall marketing strategies of most major American companies.

The Occupational Safety and Health Act created the Occupational Safety and Health Administration, an agency of the U.S. Department of Labor.

Owner’s equity is the term appropriate for PROPRIETORSHIPs, while owners’ equity applies to PARTNERSHIPs and CORPORATIONs. Both terms represent the owners of a firm. Equities represent internal claims against a firm’s ASSETS (the investors/owners), while liabilities represent external claims (the firm’s creditors).

The Overseas Private Investment Corporation (OPIC) is a U.S. government agency created to support private INVESTMENT by U.S. firms abroad. OPIC’s primary activities include • insuring investments overseas against political risks • financing overseas business investments • financing private investment funds that provide equity to businesses overseas • advocating American business interests overseas OPIC insurance reduces business RISK.

Outsourcing takes place when an organization contracts out functions, tasks, or services. Typically the goals of outsourcing include circumventing distractions from the company’s core activities, acquiring specialized expertise, and reducing COSTS.

Outplacement is employer-provided assistance for employees who are about to lose their jobs. With corporate downsizing, rightsizing, and “return to core competencies,” many U.S. companies will lay off large numbers of employees. Many companies feel an obligation to try to support former employees.

The Organization of Petroleum Exporting Countries (OPEC) is a cartel of 12 nations that seek to influence oil prices through control of the supply of oil to world markets.

The Organization of American States (OAS) is a regional political organization for discussion and cooperation on social and economic issues. Comprised of 35 member states representing North, Central, and South America and the Caribbean, the OAS was created in 1948, originally with 21 member countries.

The Organization for Economic Cooperation and Development (OECD) provides a forum for discussion and development of public-sector and corporate policy making. The OECD consists of 30 member countries and maintains relationships with other countries and nongovernment organizations (NGOs) involved in social and economic policies.

Organization behavior (OB) is the study of the actions of individuals and groups within organizations. Important considerations are the individual employee and how he or she relates to others, both as individuals and groups within the organization. From this standpoint, most analyses are performed on the individual or group level.

There are many ways to view organizations, so researchers, professors, and students need some structure and guidance to aid discussions on the topic. Organization theory offers a structured way to talk about the organization as a unit and the subunits, groups, and individuals who work within an organization. Organizations and the people who work in them are the focus of study in organization theory.

Organizational commitment has to do with how much employees identify with and are involved with the company they work for, as well as how hard they are willing to work for the organization. Many factors affect such commitment, including whether an employee accepts and endorses the company values and goals, how willing he or she is to exert extra effort on the company’s behalf, and whether he/she has a strong desire to remain affiliated with the organization.

An option is the right to select a particular action among choices. In business the term most often refers to “option contracts” to buy or sell stock, called STOCK OPTIONS. Options are also referred to as derivative or contingent claims, because the option instrument is derived from or contingent on the value of the asset with which they are associated.

Opportunity cost is the value of the best thing you must give up when you make a decision. As Rutgers University economist Dr. A. Robert Koch once stated, whether for decisions made by individuals or collectively by society, “there is always an opportunity cost.”

Open-market operations are the buying and selling of U.S. TREASURY SECURITIES by the FEDERAL RESERVE SYSTEM (known as the Fed) to implement MONETARY POLICY. The Fed, through the Federal Reserve Bank of New York, buys and sells securities, primarily U.S. Treasury bills, notes, and BONDS, in order to increase or decrease the financial reserves in the BANKING SYSTEM.

Ombudsmen are people designated in organizations to provide alternative means of resolving problems. Translated as “people’s representative,” the term comes from Old Norse and was first used in 1809, when Sweden established a government ombudsman to serve the needs of the public. While other countries followed Sweden’s example, only in recent years has the use of ombudsmen expanded in American business.

An oligopoly is a MARKET STRUCTURE in which there are BARRIERS TO ENTRY, allowing for only a few firms. Oligopolies occur in those industries in which it is difficult for new competitors to get established. CAPITAL, technology, or LICENSING frequently restricts entry into oligopolistic markets, which can have either standardized or differentiated PRODUCTs.

The primary function of the Office of Management and Budget (OMB) is to prepare the annual U.S. federal budget. The federal budget, over $2.2 trillion in 2003, is approximately 22 percent of all spending in the U.S. economy. Spending and tax recommendations by the OMB are closely watched and influenced by business leaders.

The Office of Government Ethics (OGE), established by the Ethics in Government Act (1978), is a small, executive branch agency created to prevent conflicts of interest on the part of government employees and to resolve conflicts of interest when they occur.

The Office of Federal Contract Compliance Programs (OFCCP) is part of the U.S. Department of Labor’s Employment Standards Administration.

The Occupational Safety and Health Administration (OSHA) is the primary federal agency responsible for workplace SAFETY AND HEALTH. Created under the Occupational Safety and Health Act (1970) to be part of the DEPARTMENT OF LABOR, OSHA’s mission is to prevent injuries, protect workers, and save lives.