SOURCE: Associate MoneyI had an interesting day in economics class. We were reading about supply and demand. I learned that supply is how people that want to sell something decide how much of a good or service they are going to sell and at what price they are going to sell them. Potential sellers decide how much of their product they are going to make available and at what price. I also learned that demand is the willingness and ability of people to purchase a product or service. It is when people want to and have the money to buy a good or service. After reading about supply and demand I took a short quiz about oil. I didn't know some of the answers but I tried my best. When I finished the quiz I was shocked to discover that oil production in the United States has been increasing only 2% per year since 1960! I don't know about you but this seems like very little to me. No wonder more and more products seem to be disappearing every day from store shelves! I also learned that even after oil production in an area declines, there is still a good amount of oil remaining in the ground. So let's start digging people! B.T.W. does anyone have a home recipe for hairspray --- I just figured out where I could find the key ingredient.
I agree with what you say about 2% per year since 1960 being too little of an increase in oil. Even though 2% percent is a little bit, it is greatly surprising to know how much it is being used in chemicals and all kinds of other products. Your right, products just seem to be diminishing every day, its not that we are miss spotting them because we rely on them daily and we know where they are, they are simply reducing in quantity.
ReplyDeleteI would suggest for you to combine the first two sentence and add the word today after the word class. I like the humor you used at the end when you mention how we should start digging for oil. I really like the picture you incorporated in your entry blog, its catchy, funny, and connects with the whole subject on supply and demand.