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Economic Volume 1

In: Philosophy and Psychology

Submitted By miltonl1157
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Economic volume 1 Milton Thomas Principle of microeconomic week 1 individual assignment July 11, 2012 Dr. Kory Eden

Economic volume 1

The cost of food, fuel, and oil is the three main necessities of life support around the world. Food is important to everyone’s needs for life well being and nurturing for life support and health. Fuel and oil is essential for operating the vehicles transporting food, and supplies in demand, traveling, and driving to and from work. Fuel is one of the main resources used to help make everything work as individuals rely on for driving or operating. However, everything is mobilized by transportation, using fuel of some kind weather its gasoline, oil, or diesel in many of cases. In addition, cars, trucks, and trains, airplanes, buses work shopping and traveling to get things done more efficiently. Selling prices of goods such as food, clothing, household products, are extremely higher in the US market then foreign countries markets overseas mainly. The selling of imported product such as food and gas have caused most US based companies to use the service price elastic because of shipping and handling cost. Some are purchasing products through the chain of business in order to reduce some of the high cost of shipping. In the 1990’s to 2000 was at a stagnating drought time with no rain and farmers had to raise the on produce and farm animal feed. Farmers lost millions of dollars on weather crops and again the consumers took the hit in the marketplace. Seem like the price should have dropped in the following year, with the…...

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