Ceiling prices being controlled by the government, goods may find their way to the black market. 3. In the next 25 years or so, the average age in the United States increasing, problems of the aged rather than young people will be of importance. 4. With a financial panic everyone wanting his money at the same time, the bank is unable to pay. 5. Cheques being accepted in payment of purchases, people feel that a bank account is as good as or even better than money in their pocket.
b) 1. The two principal economic systems were considered to be capitalism and socialism, mixed economies lying in between those. 2. Natural resources are one of the three factors of production, the other two being labour and capital. 3. Auctions make buyers bid against each other, with the seller taking a passive role. 4. The world distribution of income is unjust, with poor countries having 61 percent of the worlds population, but receiving only 6 percent of the world income.
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The Economics of Energy: Basic Trends
The modern economy is known to require vast amounts of energy for farms, factories, homes, and transportation. The modern dependence on fossil fuels -- especially coal, oil, and natural gas -- is considered to be a brief episode in human history. Since they took 300 million years to form, these resources will not be replaced to any considerable degree. Even the vast reserves of coal are expected to be used up entirely in a few centuries. As to oil, economists expect all the oil-producing countries known to use up most of their reserves in about 50 years time. The economic use of fuels begins with the easiest and cheapest sources and then moves to less accessible costlier ones. As the best coal is used up, shafts must be sunk deeper. S
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