Office of Price Administration (OPA)
Definition
The Office of Price Administration (OPA) was established within the Office for Emergency Management on August 28, 1941, by Executive Order No. 8875. Its function was to control money (price controls) and rents after the outbreak of World War II.
Analogy
Imagine OPA as a school principal setting rules for lunchtime trades - no trading your apple for ten bags of chips! Just like this principal sets fair trade rules at school, OPA set price limits to prevent inflation or unfair pricing during wartime.
Related terms
Rationing: This is a system under which scarce resources are distributed usually by governmental authority.
Inflation Control: Measures used by governments to manage economic growth so it doesn’t lead to inflation.
War Economy: The organization of a country's production capacity and distribution during a time of conflict.
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