This document discusses the concepts of supply and demand through a historical and global lens. It explains that early Muslim economists recognized the relationship between price, availability, and demand for goods. It then provides definitions and laws of supply and demand, noting equilibrium is reached when supply and demand are equal. The document analyzes global oil supply and demand, finding that while demand is expected to rise significantly in coming decades, primarily in Asia, estimates of remaining oil reserves suggest supply may be unable to keep pace with demand, leading to higher long-term oil prices.

1. ECON 519 DATE: 10/27/09 JOSE CINTRON,MBA

2. The power of supply and demand was understood to some extent by several early Muslim economists who said: "If desire for goods increases while its availability decreases, its price rises. On the other hand, if availability of the good increases and the desire for it decreases, the price comes down." SUPPLY AND DEMAND HISTORY

5. The law of demand states that, if all other factors remain equal, the higher the price of a good, the less people will demand that good. The amount of a good that buyers purchase at a higher price is less because as the price of a good goes up, so does the opportunity cost of buying that good. The Law of Demand

6. Like the law of demand, the law of supply demonstrates the quantities that will be sold at a certain price. But unlike the law of demand, the supply relationship shows an upward slope. This means that the higher the price, the higher the quantity supplied. Producers supply more at a higher price because selling a higher quantity at a higher price increases revenue. The Law of Supply

7. Equilibrium When supply and demand are equal (i.e. when the supply function and demand function intersect) the economy is said to be at equilibrium. At this point, the allocation of goods is at its most efficient because the amount of goods being supplied is exactly the same as the amount of goods being demanded

8. CURVA DE LA DEMANDA

9. FUNCION DE LA DEMANDA

10. CURVA DE LA OFERTA

11. FUNCION DE LA OFERTA

12. DEMANDA Y SUMINISTRO P: Precio Q: Cantidad S: Suministro D: Demanda

13. PUNTO DE EQUILIBRIO

14. A change in any variable other than price that influences quantity demanded produces a shift in the demand curve or a change in demand. Factors that shift the demand curve include: Change in consumer incomes Population change Consumer preferences Prices of related goods: Shift in the Demand Curve

15. Shift in the Demand Curve This demand curve has shifted to the right. Quantity demanded is now higher at any given price.

16. A change in any variable other than price that influences quantity supplied produces a shift in the supply curve or a change in supply. Factors that shift the supply curve include: Change in input costs Increase in technology Change in size of the industry Shift in the Supply Curve

17. Shift in the Supply Curve For an given rental price, quantity supplied is now lower than before.

18. Equilibrium After a Supply Shift The shift in the supply curve moves the market equilibrium from point A to point B, resulting in a higher price and lower quantity.

19. Suministro y demanda Mundial De Petróleo Conjeturas sobre el suministro mundial de petróleo y gas varían en función de la fuente. La gran mayoría de los pronósticos calculan que existen suficientes reservas de petróleo para satisfacer la demanda durante los próximos 20 a 25 años.

20. Desde 1981, se ha consumido en el mundo más petróleo del que se ha descubierto. Actual 4x1. Necesario aplicar un proceso más integral y complejo para encontrar perforaciones y maximizar rendimiento del suministro. AUMENTO EN LA DEMANDA

22. Se espera que la demanda mundial de petróleo aumente un 54 por ciento hasta el 2025 aumentando déficit del suministro.

24. SUMINISTRO Y DEMANDA DE PETROLEO A NIVEL MUNDIAL.

25. La Agencia Internacional de la Energía, prevé un nivel máximo de producción y suministro mundial entre 2013 y 2037 y luego escases. Sin embargo; El Centro de Análisis del Agotamiento del Petróleo publicó recientemente un estudio que pronosticaba una drástica reducción del suministro durante el curso de los próximo años. Demanda y Suministro

26. Conclusión Este significativo aumento de la demanda no puede darse sin que provoque graves consecuencias en el suministro. No creemos que la demanda vaya a disminuir de forma drástica, pensamos que a medida que la demanda siga superando el suministro, y dado que la demanda del producto es inelástica, los precios del petróleo y el gas en el mercado sufrirán un aumento de corto a largo plazo.

27. Suministro y Demanda Mundial, Retrieved on October 27,2009 from; http://ieneurope.com/esp/oil-and-gas-investing.php Powerpoint Presentation -- Supply and Demand ,Retrieved on October 27,2009 from http://www.econweb.com/MacroWelcome/sandd/ppt/index.ht REFERENCIAS