https://padlet.com/meiyi_tay/TA25HEHE GOOD=OIL en-us 2016-06-26 07:22:00 UTC 2016-07-14 15:00:15 UTC hello@padlet.com teoyonghao875 https://padlet.com/meiyi_tay/TA25HEHE/wish/115450081 Oil prices raises because of the cut in oil production which reduces the amount of oil produced. Producers would have to spend more to produce oil and in economics, the increase in factor prices also lead to a increase in price of good. Prices increases but people will still demand for oil as there is close to no substitutes to oil. Furthermore, price of oil are expected to raise even further from US$48 to US$55 in 2017. This would however not increase the demand for oil as no matter how cheap or expensive oil is, the people would still use the same amount of oil for their activities. Lastly, there would be shortage of oil and the supply curve will shift to the left. ]]> 2016-06-26 13:25:40 UTC https://padlet.com/meiyi_tay/TA25HEHE/wish/115450081 meiyi_tay https://padlet.com/meiyi_tay/TA25HEHE/wish/115451704 Saudi Arabia raises oil prices due to the great demand for oil. Oil is a necessity and has little or no substitutes, hence it is an inelastic good. As it is an inelastic good, when the price of oil increases, the change in quantity demanded for oil is less than the change in the price of oil, which allows the total revenue to increase for producers. Hence simply put, Saudi Arabia raises the prices to earn more money .]]> 2016-06-26 14:32:36 UTC https://padlet.com/meiyi_tay/TA25HEHE/wish/115451704 wjykaka https://padlet.com/meiyi_tay/TA25HEHE/wish/115454027 Oil price is predicted to be increased in the near term. Some main countries who produce great amount of oil to the world, like Nigeria, have been facing turbulent situations, which badly affects the number of sellers in the market. Producers find it unsafe and can be very costly to produce and sell the oil in this situation (war), number of buyers in the world's oil market decreases, causing the supply of oil to decrease. Due to labor and equipment shortage, factor prices are also increased. If the producers wish to ensure certain level of supply of oil to the world, they have to develop technology or equipment and pay high wages to the workers. At this turbulent situation, people in those countries may even stay at home and give up working to secure their own safety. This more greatly decreases the supply of oil as suppliers are more unwilling and able to sell oil at all price levels. The demand for oil by people will not change because it is a necessity in people's life for machines, factories, vehicles and so on. It causes shortage of oil to occur, price is then pushed up. As in graphs, the demand curve does not change, supply curve shifts to left. Price increases, people are less willing and able to buy and may find alternatives (eg. taking bus instead of driving cars), causing quantity demanded to go down.]]> 2016-06-26 16:11:01 UTC https://padlet.com/meiyi_tay/TA25HEHE/wish/115454027 https://padlet.com/meiyi_tay/TA25HEHE/wish/115936391 Oil is a very good topic and the articles are suitable. You should now post an outline of your project detailing MIEC concepts that are relevant and will be discussed in depth in the project. I will be able to give you more detailed feedback then.
Cheers, mrs Sharpe]]> 2016-07-05 07:29:41 UTC https://padlet.com/meiyi_tay/TA25HEHE/wish/115936391 immanuelpang https://padlet.com/meiyi_tay/TA25HEHE/wish/116186762 1. Introduction
Oil is a land resource as it is naturally occuring.
Oil prices are going up due to ...
This report is trying to find out...
2. Demand and supply
2.1 Demand curve doesn't change as oil is a necessity in our life to make electronics function. Hence, despite the prices, people will still continue buying as it is a need for them in their daily lives and also because there are no substitutes.
2.2 Supply
"Get ready for $80 oil" ARTICLE:There is a leftward shift in the supply curve as the main country producing oil have been facing turbulent situations which causes the number of sellers to decrease, therefore causing the supply to shift to the left.

'oil rises as Investors focus on Britain..." article: Decrease in supply, leftward shift in supply curve due to cut in oil production.
3.Elasticity
3.1 Income elasticity
Oil is income inelastic because...
how can oil affect income elasticity?
3.2 Price elasticity
Oil is price inelastic as it is affected by some determinants such as necessity, number of substitutes...
4. Perfect competition
4.1 Market structure
-Oligopoly
Character:
-small number of relatively large firms supplying most of the output in the market
-Substantial Market power
-Substantial barriers to entries of new firms e.g: legal restrictions, control of essential resources
-pure good
-enjoys economic profit
- misallocation of resources as price is higher than MC at equilibrium output


]]> 2016-07-11 05:16:35 UTC https://padlet.com/meiyi_tay/TA25HEHE/wish/116186762 https://padlet.com/meiyi_tay/TA25HEHE/wish/116380464 Thanks for the outline, please consider the following:
1. concept of resources
2. DD/SS is okay (just follow the issues in the articles)
3. Elasticity okay, you can infer based on your knowledge
4. Production and Cost - please do ONLY if relevant, e.g. only IF the article discusses cost of production. Do NOT do theory!!!
5. Market Structure - Oligopoly - you may need to study ahead :) 
Cheers, mrs Sharpe]]> 2016-07-14 02:33:42 UTC https://padlet.com/meiyi_tay/TA25HEHE/wish/116380464