Oil-based economy refers to the world's dependency on petroleum, natural gas and coal for energy. Electricity, diesel fuel, gasoline and kerosene are only some of the commodities that are provided by oil. However, there are negative effects of the processing to the environment. Combustion of oil by cars yield sulfur oxides, nitric oxides and carbon dioxide that participate in ozone depletion and global warming. Therefore, the more-developed nations are working on better technologies to harness renewable energy for sustainability. These energy refer to solar, hydropower, wind, and tidal resources. As of now, there are problems on the cost of developing and perfecting these technologies to maximize the energy source. Unfortunately, if the world shifts to the clean energy-economy, the less developed countries would have to catch up a great deal. These equipment are quite expensive, so for a time-being, only the more developed countries would participate and earn from it.
He was recalled to active duty as commander of the U.S. army forces in the far east. A series of disasters followed, beginning with the destruction of his air forces on December 8. 1941, and the invasion of the Philippines by the Japanese. His forces had to withdraw from Bataan.
Answer:
Regardless of the cause, we see in Figure 3.6b that a price above equilibrium will result in quantity supplied being greater than quantity demanded. This excess supply is also known as a surplus.
Explanation:
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