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Oil prices and the economy.
Member rating: No Rating | Words: | Submitted: Tue Oct 12 2004
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Name: Jonathan Tam Class: 13A School: Yew Chung International School Subject: Economics Coursework - Oil prices and the economy Crude oil is a major raw material to many goods in modern society. Most goods, for example, petrol and plastic, depends heavily on oil. Once the prices of oil increases, the prices of these goods will be heavily affected. There are two types of markets, factor and final market. Factor market determines the prices of raw materials, and final market determines the prices of final goods and services. In short run, when prices of factor market changes, final market will remain unchanged. However, in the long run both factor and final markets are adaptable in changes in prices. In this case, oil prices (factor market) have risen. This will affect virtually everything good and service in the economy. First, petrol companies will have to either earn less profit (due to the fact that oligopolies, a few dominant firms in...
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