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Eco 360/Interent Article Essay

1447 words - 6 pages

Macroeconomics is the study of the economy as a whole, which includes inflation, unemployment, business cycles, and growth (Colander, 14). In today's society, Americans rely on having the option to have multiple service providers for their home or office. Several businesses especially those who work nationally or internationally with other businesses, try to find the inexpensive and new innovative ways to reduce cost.In take of the Recent Oil Crisis - Oil is the major source of energy worldwide and it is expected to remain so over the next few decades. As new technology is being developed our demand for oil is becoming crucial, oil is the major source of energy worldwide and it is expected to remain so over the next few decades. Crude oil has become the main "raw" material in every economy no matter if it has not developed or it is in the developing process. The changes in the prices of the crude oil are making positive and negative implications on every economy. When these changes of prices are severe ones, one might easily conclude that an economy is going to face problems such as unfavorable supply shocks, or according to the theory adverse supply shocks. When these kinds of problem arise in the world oil market, it is usually described as a world oil crisis. The world has witnessed two major oil crises and is facing an additional one at the moment.As in the two previous oil shocks in the world the same main problem still exists that the economy is faced during an oil crisis is the adverse supply shock. Adverse supply shocks are unexpected events that reduce aggregate supply and therefore the output decreases and prices increase. In the language of economy we call this stagflation. Furthermore, I will refer to the organization that has caused the three supply shocks so far. The Organization of Petroleum Exporting Countries, (OPEC) has the power to control the world oil prices by its reduction in the world oil supply. This is what caused the oil crisis in the early 70's (Mankiw 252). OPEC's reduction in the supply of oil had doubled the world oil price instantly which caused stagflation with all oil importing country. In addition I will refer to the US statistic about the oil crisis that took place in the early 70's. In the year of 1974 the change of the oil price was 68% and therefore there has been inflation in the area of 11% and negative change in the unemployment rate from 4.9% to 5.6%. (Mankiw 253) For instance we had the same impact on the economy in the crisis that took place in the 80's, such as double-digit inflation rates and high unemployment rate. These 100% changes in the oil price have caused an adverse supply shocks for the US economy. The main negative effects of the adverse supply shock are described as: an upward shift in the short run aggregate supply curve (SRAS) and a decrease in the level of output and an increase in the prices. Moreover, it is interesting to analyze the economic implications from the extra petrodollars...

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