A Brief Note On Economics And Its Impact On Various...

Economics plays a crucial part to understand the world in which we live and work. It helps us to understands how we are saving, buying, selling, not working, working, when to do and when not to do things. It shows us how and why things in which we live by are affecting our ways of living in this world around us. Economics is an ever-present and inherent part of our lives. The changes in micro and macro economics are causing an impact on various industries and markets. For instance, there are two primary factors that impacts the price of oil are demand (which is willingness and desire of a consumer to pay a price for goods and services) supply which is (amount of a product that firms and producers are willing to sell at given price) Hubbard.et al: 2014, 120-148) of the oil and market segment of fuel stations. The following critical review will analyse an article published by ‘The Canberra Times’ examining how market demand, market structure, efficiency, Consumer surplus and macroeconomics impact on oil industry and the economy. The article ‘Costco Canberra petrol station opens, igniting price war’ is about wholesale MNC ‘Costco’ which has recently opened their first fuel station in Canberra. Before the entry of Costco, Canberra market was dominated by oligopoly of Woolworths, Coles and Seven eleven. As defined by (investopedia.com) oligopoly is a market structure in which particular market is controlled by small number of firms who can influence price and supply.Show MoreRelatedBmw (Project Proposal on Bmw)1635 Words   |  7 PagesResource Utilization using Micro And Macroeconomic Theory MBA Full time Sept. 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Copyright  © 2011 John Wiley Sons, Inc. Kieso, Intermediate Accounting, 14/e, Solutions Manual (For Instructor Use Only) 2-1 ASSIGNMENT CLASSIFICATION TABLE (BY LEARNING