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论文-Analysis of Supply and Demand The Law of Supply and Demand
PAGE 2精品论文精品论文Legal aspects of papersLegal aspects of papersThe Market of Gasoline PricesEcon 002Section 008Group 60Peter BumbargerWilliam GardnerAnand Tarpara IntroductionThe United States is constantly in motion. There are countless members of the American workforce that travel to and from their place of employment everyday that require a means of transportation. Almost all efficient forms of transportation require a type of locomotion called the internal combustion engine that which requires the fossil fuel gasoline. As it can be noticed, gasoline carries a very important role in the American economy, and without it, the economy would be slowed down significantly. Gasoline is arguably the most important resource of our era. It pumps like blood through the veins of our economy. It flows from other nations to our refineries, where it is processed. Then it is passed onto the consumer who uses it to maintain a standard of living unrivaled in the span of human existence. If gasoline is the blood of civilization, one can argue that the fluctuating price of gasoline is its pulse. As economists, it is our job to monitor this pulse and see how it is affected, and to see what effects it has upon us. In the past ten years the price of gasoline at the pump has over doubled. This has an incredible impact on Americans in ways that they may not suddenly realize.Recently, the price of gasoline per gallon has been skyrocketing, dropping, and then rising again. As for most cases in economics, this can be explained by the laws of supply and demand. This can only explain the enigma only to a certain degree. There are external and internal factors that are also present.Analysis of Supply and DemandThe Law of Supply and Demand The law of demand states, “When the price of a good goes up, people buy less of it, others things being equal. When the price of a good goes down, people buy more of it, other things being equal.” This is the case for all goods under ceteris paribus, meaning
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