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Make sure you first review and understand all of t

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Make sure you first review and understand all of the "shift factors" for the supply and demand curves in your textbook.  I would have a list of these by my side as you read the article titled, "The Oil Conundrum." The later part of the article discusses some of the topics we will be learning about later this semester.  You may also use the sort article, "Why Is Gas Still So Expensive in California?"  Use both articles to identify how events discussed in the article are affecting supply AND demand for oil.  Find three events that likely caused supply shifts and three events that likely caused demand for oil to shift.  You will need to answer the following six times, three for demand and three for supply: 

  1. Event - Quote the article
  2. Which determinant (shift factors), as discussed in chapter 3, are causing the supply or demand curve to shift given the event quoted?
  3. Which direction will the curve shift.
  4. Given the shift, what will happen to price, will it increase or decrease?
  5. Given the shift, what will happen to quantity, will it increase or decrease? 

Note that the terms IMF and GDP are the International Monetary Fund and Gross Domestic Product.  The IMF is an international economic stability organization.  GDP is a measure for the size of a country's economy.  

1st page, 1st and 2nd paragraph - Supply

2nd page, 4th paragraph - Supply

3rd page, 5th paragraph - Supply

4th page, 4th paragraph - Demand

6th page, 3rd paragraph - Demand

6th page, 4th paragraph - Demand

 
 

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