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What action did OPEC take in 1973 against the US and what impact did it have on the American economy?
The 1973 Oil Crisis.
What role does the government play in the US economy?
It defends the interests of the one percent, the capitalist class.
What do oil spills do to the economy?
they make us spend the money that our economy gained to clean it up.
What factors played a role in America's economic stagnation?
Trade deficit, rising oil prices, declining value of the US dollar, and the war on terrorism are all factors of the economy.
What is the role of entrepreneurship in the economy of the US?
Its HUGE for ANY economy and if MORE people were one the financial problem would be no more!
What is the role of oil in the economy?
Oil's sales represent a large portion of Mexico's federal budget income (US$50 billion or almost 21% of the federal budget revenues for 2010). Without such income, Mexico's government would have a much diminished role, lacking resources for social programs or infrastructure.
What is the significance of US dependence on oil from other countries?
It makes the US economy worse and the US militarymore weak.
What is the role of oil in Mexico's economy?
Oil's sales represent a large portion of Mexico's federal budget income (US$50 billion or almost 21% of the federal budget revenues for 2010). Without such income, Mexico's government would have a much diminished role, lacking resources for social programs or infrastructure.
Why is Peak Oil bad for us?
When oil runs short the price will skyrocket. Oil is a very important commodity in our economy. The higher the price rises the slower our economy will grow. At some point the economy will shrink. Capitalism does not work on a shrinking economy. Global meltdown will be the consequence - unless we find a replacement for oil by that time.
How does oil help us?
Oil is the life blood of our economy. Without oil we would revert back to life as it was in the 17th century.
What is the governments role in the economy of US?
Governments help ensure that the economy continually grows. A growing economy means that fewer people rely on government assistance to survive.
What describes the part of the US' role in the global economy?
The US is interconnected with other parts of the world. Therefore, when our economy is doing poorly it reflects on the economies of other countries as well.
