According to our reading material, economics is defined as the study of how human beings coordinate their wants and desires, given the decision-mechanisms, social customs, and political realities of the society. (Colander, 2004). Simply stated, when the demand is high and the supply is low, then the price is high. The recent increase in oil prices is a perfect example of supply and demand. Supply and demand runs economics and the petroleum industry. This paper will …showed first 75 words of 1202 total…

…showed last 75 words of 1202 total…Tab/> <Tab/> References Colander, D.C., 2004., Macroeconomics (5th ed.)., Irwin/McGraw-Hill, 2004 Burr Ridge, IL Retrieved March 25, 2005 from https://mycampus.phoenix.edu/secure/resource/resource.asp Marketing, 2000. Retrieved March 2r, 2005 from http://www.prenhall.com/divisions/bp/app/armstrong/cw/glossary.html Simmons, M.R., 2004. 2005 Oil Outlook: Is this the year when demand outstrips supply? Retrieved March 25, 2005 from http://www.worldoil.com/Magazine/MAGAZINE_DETAIL.asp?ART_ID=2486-60k-