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Oil is certainly one if not the most priced commodities that dictates the tempo of the world market as well as world economy. It has been the trend for over a century when oil was introduced and become a part of almost all of the major activities in the whole world…
In case the price of oil went down, then the price of such commodities were also stable, and if the price of this commodities went down, then these products also follows such occurrences. If we are to analyze this, one might ask, what is with oil that it has the power to control different scenario
On the second thought, analysts particularly economists suggests that it is not only the oil that can have such a trend, but almost every product that is available to the market. This kind of occurrences is dictated by the demand of the customers and the availability of the product. In this case, the law if supply and demand comes into picture. Therefore, what is the law of supply and demand Before analyzing such a law let us first scrutinize the meaning of demand and supply with regards to economics perspective.
The Columbia encyclopaedia (2005) described supply and demand as, 'Supply refers to the varying amounts of a good that producers will supply at different prices; in general, and a higher price yields a greater supply. Demand refers to the quantity of a good that is demanded by consumers at any given price. ...
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