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Supply shock

economic principles

Subject: 
Economics
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demand
Petroleum politics
Consumer theory
macroeconomics
Supply and demand
Price of oil
Supply shock
Demand curve
OPEC
Economic equilibrium
Petroleum
inflation

Economic Principles ? PAGE \* MERGEFORMAT ?1? ECONOMIC PRINCIPLES Student?s name Course Name Instructor Institution State/City Date Economic Principles Question two Products made from crude oil There are several products that use crude oil as the main input, some of them include, Petrochemicals, Liquefied petroleum gas, Gasoline, Naphtha, fuel oil, bitumen, and niche products. Ideally, there are many oil producing countries in the world. The top ten largest oil producing countries are as follows: United States, Saudi Arabia, Russia, China, Canada, United Arab Emirates, Iran, Iraq, Mexico, and Kuwait.

Krugman AP Macroeconomics Module 19

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Economics
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economics
macroeconomics
demand
inflation
AD-AS model
Economic theories
Supply and demand
Aggregate supply
Inflationary gap
Aggregate demand
Supply shock
Stagflation
behavior
Human development
Computing
Computer file formats
Electronic documents
Interpersonal relationships
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Portable Document Format
Attachment theory
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Module 19: Equilibrium in the Aggregate Demand-Aggregate Supply Model -The difference between short-run and long-run macroeconomic equilibrium -The causes and effects of demand shocks and supply shocks -How to determine if an economy is experiencing a recessionary gap or an inflationary gap and how to calculate the size of output gaps The AD?AS Model: the aggregate supply curve and the aggregate demand curve are used together to analyze economic fluctuations Price shock: dramatic fall in short-run aggregate supply Short-Run Macroeconomic Equilibrium: when the quantity of aggregate output supplied is equal to the quantity demanded Short-run equilibrium aggregate output: the quantity of aggregate output produced in the short-run macroeconomic equilibrium
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