The increasing price of crude oil

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Introduction

Everyone around the world is a part of economy and everyone are included in uses of economic rules in daily life. Economic is study about management of scarce resources by societies (Mankiw 2012). We become customer since we are born for various product and services such as food, drink and medical treatment. In other way, there some people are attain various roles in economic world such as producers, traders and agents. In economic view, there are two important thing which is the concept of scarcity of resource and two branches of study in economic that is microeconomics and macroeconomics. Scarcity means that there are limited resources in nature of society and therefore all the goods and services people wanted cannot be produce (Mankiw 2012). Macroeconomics focus at the total output of a nation and the way the nation distributes its limited resources of land, labor and capital in an attempt to capitalize on production levels and endorse trade and growth for future generations. Microeconomics looks into similar issues, but on the level of the individual people and firms surrounded by the economy. It be likely to be more scientific in its approach, and studies the parts that make up the whole economy.

The issue

Nowadays, the resources are becoming limited especially non-renewable resources such as fossil fuel oil, coal and natural gas. Furthermore, fuel is one of main thing as energy source in daily life. All people around the world use vehicle that need fuel to move around. For example, as workers need to use vehicle to their workplace, all good need to transfer to the market or shop. Lately, fuel is becoming a major topic all over the world and. This is due to the increase in world oil prices rose dramaticall...

... middle of paper ...

...must find a way to study and investigate alternative energy sources. With the availability of these alternative energy sources to reduce dependence on petroleum resources. As people also should be more careful in the use of petroleum resources that do not waste energy resources indiscriminately.

Works Cited

Energy Information Administration. (2007). International Energy Outlook 2007. Washington, DC: EIA
International Energy Agency. (2014) Quarterly Oil Product Demand. Paris, France: IEA
Mankiw, N. G. (2012). Principles of Economics (6th ed.). Canada: South-Western Cengage Learning.
Ministry of Finance Malaysia. (2013). Pelarasan Subsidi Lebih Adil dan Bermanfaat untuk Rakyat. Putrajaya, Malaysia: Ministry of Finance Malaysia.
Nizam, A., Masturah, M., Mansor, J. (2008). Prosiding PERKEM, Impak Kejutan Harga Minyak Terhadap Output dan Tingkat Harga. 1(3), 483-491.

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