Analysis of the trends in the consumption patterns of oil Essay

Analysis of the trends in the consumption patterns of oil - Essay Example The definition of Economics can be classified into three broad categories, namely: (a) Wealth Economics Definition, (b) Material Welfare Economics Definition, and, (c) Scarcity Economics Definition. Of these three, the Scarcity Economics Definition is the pertinent for the present. According to this, economics is a â€Å"science which studies human behavior as a relationship between ends and means which have alternative uses† (Robbins, 1935). The study of Economics is divided by the modern economists into two parts, namely; microeconomics and macroeconomics. In macroeconomics, the economy as a whole is analyzed, while microeconomics analyses the economy in terms of its innumerable decision-making units. Microeconomics: The study of supply and demand inside a market is known as microeconomics. Microeconomics is â€Å"the study of particular firms, particular households, individual prices, wage incomes, individual industries, and particular commodities† (Boulding, 1969). Microeconomics offers solution for the problems: what should be produced, how those goods and services should be produced, and, who is allowed to consume those goods and services. It explains the composition of total production- why more of some things is produced than of others. In other words, it analyzes demand and supply for a product or service. The law of demand states that â€Å"a rise in the price of a commodity or service is followed by a reduction in demand, and a fall in price is followed by an increase in demand, if conditions of demand remain constant† (Samuelson, 1962). ... The major factors that influence the demand for a product or service are: price and availability of a substitute good, price and availability of a complimentary good, income, tastes and preferences, price expectations, stock of goods in consumer hands, and, population. Law of supply: Supply is the amount offered for sale at a given price. The law of supply states that "other things remaining the same, as the price of a commodity rises its supply is extended, and as the price falls its supply is contracted" (Boulding, 1969). The supply changes due to: i) costs of production, ii) unavailability of resources (like raw materials for the production), iii) improvement in the means of transportation, communication and technology, iv) political disturbances or war, and, v) the climate, irrigation methods and soil (in the case of agriculture products). Trends in the consumption patterns of oil The availability of oil and its price are linked by the laws of supply and demand. Each day approximately 84 million barrels of oil are extracted from the earth, and approximately the same amount is consumed. The world's rate of oil extraction will begin soon or has already begun to decline, while the demand for oil continues to grow which in turn will produce sharply rising prices for oil. In this study, the Oil Market Report by IEA dated 10th July, 2008 (IEA, 2008) is analyzed. The highlights of the analysis are given below: Microeconomics of oil - Supply and Demand: The oil market is one where small changes to the supply or demand cause large changes to the clearing price. In economics jargon, both oil supply and demand are "inelastic" - they show only a minimal short-term response to changes in

Now you see me(2013) Essay Example | Topics and Well Written Essays - 1250 words

Now you see me(2013) - Essay Example There is no link in the cast of this film. Laurent and Ruffalo are engaging protagonists. The film’s bumbling steely optimism vs. pessimism makes it enjoyable to watch. It is also interesting to watch Caine portray Freeman as Thaddeus, and Arthur Tressler as the rich sponsor of the Four Horsemen. These two subvert the audience’s expectations, by acting as older gentlemen. By comparison, the Four Horsemen, despite likable performances, are not equally satisfying as characters who are fully-realized on the surface and as metaphorical embodiments of emotional qualities. The Louis Leterrier’s cinematic technique blends well with Boaz Yakin Magician Caper storyline. The result is a captivating subtext about the importance of art in entertainment, an enduing magic of films, and the critical role of creative integrity in the cynical skepticism world. The final film features a charismatic band of actress and actors who create a bit of fun and exciting viewing experience through better communication that underlies the message. The film Now You See Me lacks the majestic pop-art statement. The movie’s central set pieces and action sequences are not executed with enough finesse. Furthermore, an attempt to spin the deeper mythology may seem too much like a sequel fodder or rather an afterthought. Nonetheless, this demonstrates that Hollywood films can still entrance. Commenting on the film Ricourt and Yakin said the Now You See me film is similar to a screenplay by (Yakin 4). The film is characterized by twists and turns that probably do not pe rfectly hold up under close-scrutiny. The narrative tends to boil down to a cat and mouse game. However, it is interesting to participate in the guessing contest. Similarly, â€Å"the final reveal† caps off themes and ideas, which are developed throughout the story, is satisfying and easily brings greater significant to the story line proceedings. A look at review’s of renowned critics can give an insight