Task 1: Research the Oil/Petroleum industry's price elasticity of supply and demand.
- Is price elasticity of demand considered elastic or inelastic?
- Are there substitutes available
- Is the good a luxury or a necessity
- What is the price elasticity of supply
Task 2: Research any negative or positive externalities the Oil/Petroleum industry produces.
- Research any negative or positive externalities the industry produces.
- Does the transaction of a buyer and seller directly affect a third party?
- Is the effect a negative or positive externality?
- How does the externality impact the economy?
- Research whether the industry produces public goods or private goods, or is a natural monopoly.
- Are the goods or resources rival, excludable, or neither?
Task 3: Research how wage inequality is measured and if it is present in the Oil/Petroleum industry.
- Describe any current or past news events related to wage inequality.
- What was the industry's method for determining that there was an inequality?
Task 4: Research monetary and/or fiscal policies that have affected the Oil/Petroleum industry.
- How have these policies affected the employment rates for your chosen industry?
- How have these policies affected the growth of the industry?
- How have these policies affected the prices of the product the industry produces?