First Post

Hey All! Welcome to s72's Econ's Blog!

To start it off, lets view this clip about George Bush the economist.



Well, ok maybe George Bush is not be the best economist or mathematician around. And as we all know, the trends in price of oil can be determined by use of demand and supply concepts. Dwindling supply in recent years have led to a leftward shift in the supply curve. Increasing affluence on the other hand have led to an increase in demand for oil and thus resulting in a rightward shift of the demand curve. This results in an increase in equilibrum price of oil, with quantity change indeterminant.

A really short post to start it off, so don't hesistate to contribute to this blog!

Cheers
Jia Chen (: