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Macro Econ Essay 1

1083 words - 5 pages

Factors of production means inputs and finished goods means output. Input decides the quantity of output, and output depends upon the input. Input in the starting point and output is the finishing point of the production process. The resources used are factors of production such as land, labour, capital, and entrepreneur. These resources all cycle to create production and in turn will create an input, output process.
An example of land would be anything from owning a farm house to having a landlord. Both have tangibles and variables that dictate the input and output. A landlord for example would collect rent and create a natural output. Labour is the activity of one individual ...view middle of the document...

This lower demand creates lower pricing for oil itself. Countering the low economy with lower pricing for oil. On the contrary, when economies do well, oil demand increases and due to its high demand inflates the price.

Oil is a huge factor to everyday life throughout our society. This video gives me a great perspective on the dependency we have for such a luxury. I believe the new Industrial Revolution is inevitable and coming rather soon. We need to slowly reduce our dependency for crude oil and taper off such high demands to an alternative perspective. Maybe something with a more subtle impact upon the environment.

A normal good is an everyday good that is more highly demanded when income rises. An example of such a good would be anything from a laptop, to a new pair of jeans. These goods are the most common and the demand will always increase if income is parallel. An inferior good is a good that is less demanded if income rises. Examples of inferior goods are things such as cheaper cars, consumers will generally prefer cheaper cars when their income is constricted. Another example of this would be a discount grocery chain. Wal-Mart is a prime example as it is inferior to other markets such as Whole Foods or Sprouts.

There are two types of demand interdependence, the first of which is substitutes. A substitute is when a change in the price of a good ultimately causes a shift in the demand. If the price increases in such, then a demand of increase will follow. An example of a substitute would be tea and coffee. If they are both priced equally, then coffee rises. This will lead to a higher demand for tea, explaining that one priced good increase is another goods increase in demand. Lastly, a complement is when a change in the price of one good causes an opposite shift in the demand for the other. An example of this would be cellular phones. When the price of a phone goes up, such as the new iPhone, it will create less demand for accessories such as cases. The high priced commodity of the phone leads to less demand...

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