Topic > The Rise in the Price of Crude Oil - 847

IntroductionEveryone in the world is part of the economy, and everyone is included in the use of economic rules in daily life. Economics is the study of societies' management of scarce resources (Mankiw 2012). We become customers from birth for various products and services such as food, beverages and medical care. In other ways, some people fill different roles in the economic world such as producers, traders, and agents. From the economic point of view, there are two important things which is the concept of resource scarcity and two branches of economic study which are microeconomics and macroeconomics. Scarcity means that there are limited resources in the nature of society and therefore all the goods and services desired by people cannot be produced (Mankiw 2012). Macroeconomics focuses on a nation's total output and how the nation distributes its limited resources of land, labor, and capital in an effort to capitalize on production levels and support trade and growth for future generations. Microeconomics examines similar questions, but at the level of the individual people and businesses surrounded by the economy. It will likely take a more scientific approach and study the parts that make up the entire economy. The Problem Nowadays, resources are becoming limited, especially non-renewable ones such as fossil fuel oil, coal and natural gas. Furthermore, fuel is a major source of energy in daily life. All people around the world use vehicles that require fuel to move. For example, since workers need to use the vehicle to travel to their workplace, all goods need to move to the market or store. Lately, fuel is becoming an important topic around the world and. This is due to the increase in world oil prices, which have risen dramatically... middle of paper... a way must be found to study and investigate alternative energy sources. With the availability of these alternative energy sources to reduce dependence on petroleum resources. Because people should also be more careful in using oil resources, not to waste energy resources indiscriminately. Works Cited Energy Information Administration. (2007). International Energy Outlook 2007. Washington, DC: EIAInternational Energy Agency. (2014) Quarterly demand for petroleum products. Paris, France: IEAMankiw, NG (2012). Principles of Economics (6th ed.). Canada: South-Western Cengage Learning. Ministry of Finance Malaysia. (2013). Pelarasan Subsidi Lebih Adil e Bermanfaat untuk Rakyat. Putrajaya, Malaysia: Ministry of Finance Malaysia. Nizam, A., Masturah, M., Mansor, J. (2008). Prosiding PERKEM, Impak Kejutan Harga Minyak Terhadap Output and Tingkat Harga. 1(3), 483-491.