Demand and Supply

Demand is how the people decides to waste their money. Also in what they are willing to waste the money on.

Supply is how much product he or she need and at what price they need to be sold. Its more like a store they need to buy some products and the products need to be sold at some price so they can have some profit in order to stay in business.

The most interesting thing about the oil quiz was that I did not know who was the largest state with gasoline. I did not know a lot of the thing that the quiz ask like who were the best oil producers in 2005. The largest oil producers were Saudi Arabia, Iran, US, Mexico, Norway, and Venezuela but in the year 2006 this country went down in oil production.

SOURCE: MIT