Demand and Supply

Today in class, we learned about the supply and demand in economics. I learned the difference between demand and supply. Demand is the capacity the people in a marketplace have to decide on buying an item at a certain price and they can and are willing to afford. Supply is the decision the people who want to sell something make in regards as in to what they want to sell and at what price.

We also took a quiz where I found out things I had no idea about. I thought the oil shortage was not as harsh as it is. I also did not know that the oil shortage has affected even the countries with the largest oil production. Saudi Arabia, Iran, US, Mexico, Norway and Venezuela were under the largest oil producers in 2005 until their luck changed in 2006. In 2006, these countries began showing a decline in oil production. I thought the richest countries were going to be the least affected by the oil shortage; however, I was wrong. =[ Even the richest countries are being affected by the oil shortage. the oil is declining everywhere and in all the areas-rich and poor. Even in this era where technology rules, we are doomed if the oil supply extinguishes. The world relies on oil and oil products more than anything. If we were left without any oil to use, what would happen to us? To our lives? I wonder if there is a way to retrieve the oil from underground when the oil production in an area no declines. We need to start taking care of the oil and not take it for granted because a world without oil is like a world without health-little by little we lose our vitality.



Source: BlogSpot