Assignment

The law of Supply is the tendency of suppliers to offer more of a good at a higher price. Sellers supply more goods at a higher price than they are willing at a lower price. 

There are lots of examples of law of supply. Basically, an example of economic activity.  Cost of scarce supply goods increase in relation to the shortages. For example, when Iphone first came out there were lineups of people wanting to get the product. So a large amount were being produced and the prices were able to be maintained very high because they were being bought out so quickly. On the other hand, as the demand on hype over the Iphone decreased and more people purchased one, a less amount need to be produced. This is the law of Demand. It is a law that states that consumers buy more of a good when its price decreases and a less when its price increases (Also known as Ceteris Paribus). 

While researching, Veblen goods are a positional good. Meaning, the product is worth the price. For example, luxury cars that are sold at high prices is mentioned as the desirable due to their price. 

Another is the Giffen goods. It is one which people contractually consume more of as the price rises. Perfumes can be an example of a Giffen Good.

The demand for oil can be influence on price, supply and economy conditions. These are all related to one another and most of all, the price is important things that make a great change in the market among them. However the traditional laws are not concerned with oil prices. Nowadays, oil prices go up, regardless of other facts. Most economies are dependent on oil exports, but the OPEC members and other investors don’t want to supply more for consumers, but just reserve it, because they have made huge investments and want to get more benefits than what they have done. So they are watching for an opportunity to sell at greatly inflated prices even in recession. Due to the price have a lot of change and a chance of increasing prices oil producers just waiting for the best time to sell and it is very hard to predict what’s going on and the future.      


 

Economics

Economics is the social science that analyzes the production, distribution, and consumption of goods and services. 

Economic development is a broad term that generally refers to the sustained, concerted effort of policymakers and community to promote the standard of living and economic health in a specific area. Such effort can involve multiple areas including development of human capital, critical infrastructure, regional competitiveness, environmental sustainability, social inclusion, health, safety, literacy, and other initiatives. Economic development differs from economic growth. Whereas economic development is a policy intervention endeavor with aims of economic and social well-being of people, economic growth is a phenomenon of market productivity and rise in GDP. Consequently, as economist Amartya Sen points out: “economic growth is one aspect of the process of economic development.”  Economics is the social science that analyzes the production, distribution, and consumption of goods and services.


i'm very interested in that subject. That's why i am studying economy.