• Join over 1.2 million students every month
  • Accelerate your learning by 29%
  • Unlimited access from just £6.99 per month

Practice coursework

Extracts from this document...

Introduction

Economic Practice Coursework My choice of article is the one relating to the oil crisis in Libya, and how it affects the economy of other countries. The article discusses the impacts of the oil cut of Libya, supplying it no more. It starts off by talking about the impact on shares and the price of oil barrels, which is the fastest and direct impact of the oil cut. As supply from Libya territory stops, supply to the entire world is crippled, as Libya is one of the countries that supply most worldwide used oil. As it stops supplying, it shifts the supply and demand graphs completely. ...read more.

Middle

On the long term, the demand for the cars will decrease, as people will not want to buy cars, and try to sell their cars. This will affect the economy drastically, as the car companies are a big part of that countries' economy. The general public will search for alternative routes to travel, as oil prices are higher. The car companies will have to spend much more money on researching alternatives such as hybrids and electric cars which are starting to appear. The public transport system will benefit from this situation, as more people would want to travel via train or bus, as it is much cheaper and faster. ...read more.

Conclusion

The unrest in Libya may affect the Saudi Arabia, and that concern is affecting a huge majority of stock holders and companies, specified before, changing the stock markets, especially the European and Asia. Relating to airlines, as the supply and demand graphs change, the oil supply for airplanes gets crippled, so more money has to be spent to get the same amount of oil, making the costs bigger, resulting in a bigger price for the customer for the same flight compared to before the whole situation. There is also a chance of investors backing out from the airline business, resulting in smaller profits for the companies and much more monetary issues. ?? ?? ?? ?? Afonso Sim´┐Żes 12 CLC ...read more.

The above preview is unformatted text

This student written piece of work is one of many that can be found in our International Baccalaureate Economics section.

Found what you're looking for?

  • Start learning 29% faster today
  • 150,000+ documents available
  • Just £6.99 a month

Not the one? Search for your essay title...
  • Join over 1.2 million students every month
  • Accelerate your learning by 29%
  • Unlimited access from just £6.99 per month

See related essaysSee related essays

Related International Baccalaureate Economics essays

  1. Human Research Management - Southwest Airlines

    and to accept flexible employment practices. Thanks to it, employees could be engaged to perform broader functions and it would be possible to cross-utilize crew members, to achieve a record turnaround time, and to save money (e.g.

  2. Economics Coursework - Demand&Supply

    In Whitehall, the debate is still swirling over the wisdom of adopting a "scrappage" scheme. Lord Mandelson, the business secretary, said in February that his department was examining the experience of other countries, notably Germany, to see whether it would work in Britain and carmakers were asked to produce costed proposals, but no decision has been made.

  1. Economics Higher Level Coursework

    With the average cost of the firm decreasing along the increasing returns of scale region of the long run cost curve, the short run average cost together with the marginal cost curve shifts right. As a result, the output Q1 increases to Q2, while prices P1 decreases to P2.

  2. Economics Higher Level Coursework

    a necessity commodity, it has low income elasticity of demand (YEd), meaning rubber demand will rise slower than world income, and so world demand for rubber is increasing slower than the world supply of rubber. This implies that the price of rubber will continually drop and incomes of rubber farmers will continually fall.

  1. Economics Higher Level Coursework

    seen to be higher than that of rural areas. In a free market, less investment will be available to the rural areas. Together with push factors, e.g. lack of entertainment in the countryside, rural workers with higher expertise will migrate to cities to earn money.

  2. 15 Historical Economic Questions on Mercatilism and the Development of European Countries.

    By choosing the support of domestic to that of foreign industry, man intends only his own interest; and by directing that industry in such a manner as its produce may be of the greatest value, he intends only his own gain, and he is in this, as in many other

  • Over 160,000 pieces
    of student written work
  • Annotated by
    experienced teachers
  • Ideas and feedback to
    improve your own work