Supply and Demand in the U.S. Economy

Paper Summary:

The paper analyzes two articles from the "New York Times", which provide nuances to the economic concepts of scarcity, supply, and demand in the current United States' economy. The two articles analyzed are "Supply Varies, Demand Doesn't" (Mark Hevesi, March 2004) and "OPEC Ratifies Pledge to Cut Production Targets" (Simon Rivero, March 2004). Texts of the articles are included in the paper.

From the Paper:

"Americans are of course concerned about this proposed cut in production. After all, the average retail price for gasoline in the United States rose on Tuesday to $1.753 a gallon, a record high, according to AAA. But despite the legitimacy of American consumer fears, this proposed cut does not necessarily mean that prices will skyrocket still higher. Consider that OPEC is a cartel, not a country. It is an organization made up with many competing national interests that do not always seamlessly correspond on an economic or a political level."

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