As I was attending my political studies class today, I learned what supply and demand is. Supply is what goods or service producers are willing to sell and at what price. Demand is the quantity of how much of a product or service, consumers can and are willing to buy. I also took an online quiz to show how much I know about oil. As I finished the quiz it showed the correct answers to the incorrect ones. I was really surprised to find out that no country publishes information about its reserves. OH MY GOD!!! I can’t believe that there is no information to make predictions on when we will be out of oil. If people knew by when we would be exactly out of oil they would step up and do something about it.
How weird, we learned the same thing in class on the same day. =]...Demand and supply have definitions that can really help the economy. Is the fact that the countries don't publish their oil resources what interested you the most? The fact that interested me the most was that even the richest countries will be and are being affected by the shortage on oil.
ReplyDeleteI think you did a great job in stating what you learned in class. However, maybe you can include more detail on your reaction when you found out that the countries don't keep record. I look forward to your next log. =]