Economics How Supply And Demand Are Affected By...

Joshua Akwaboah Microeconomics for Business Professor Nicholas Bergan The term paper is about the oil industry, which is a very important topic to people who study economics, how supply and demand are affected, controlled, and can be manipulated through its pricing strategies. Oil is a scarce commodity that is extracted from deep in the ground and it is not available everywhere. It is a commodity that has many uses and as such, its price, supply and demand fluctuate based on the needs of the economy and the market. In addition to oil being used to make gasoline it has many other uses, such as to make plastics, heating for people’s homes, in asphalt, and other things. Because of its many applications, it is a product that is in or plays an important part in our daily lives in one way or another. When the economy goes through periods of expansion, which are periods of economic growth, the demand for oil becomes greater and producers are encouraged to engage in more drilling in order to increase the supply to keep up with the consumption and also to maximize profits. Oil is a product that has very few substitutes and has many compliments or in this case, it has lots of other products that become affected when oil levels and prices fluctuate. This makes the commodity price inelastic. Though there are some alternatives to oil in respect to energy production, like solar power, wind energy, and coal, these cannot produce the output that the economy demands at an economicalShow MoreRelatedMarketing Plan7429 Words   |  30 PagesMarketing plan A marketing plan is a written document that details the necessary actions to achieve one or more marketing objectives. It can be for a product or service, a brand, or a product line. Marketing plans cover between one and five years. 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