Today I learned what the terms supply and demand mean. Supply is when the seller decides how much to sell and at what price. In other words, the goods and services a business owner has to offer you. Demand is when a person is both willing and able to buy any item(s). Both demand and supply are important to our nation's economy because without supply consumers would not be able to demand produce, and vise-versa. They depend on each other. You get me?
Now, check this out!.....If oil production in an oil-exporting country declines by, say, 5% per year, oil exports are expected to decline by a similar account. Ca
n you believe this?!...This basicly means that if oil production from an oil-exporting country decreases by a percentage, the same--or similar--percentage will be seen in the exporting business. Because the oil-exporting country does not have enough oil to export to other countries, less products will be produced and/or the economy will downfall in both countries. It is like a domino effect; no petroleum=no production of (oil-made) products=no money for the country.SOURCE: onlineopinion
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