The 1973 oil crisis began in October 1973 when the members of the Organization of Arab Petroleum Exporting Countries proclaimed an oil embargo. The embargo was targeted at nations perceived as supporting Israel during the Yom Kippur War.[1] The initial nations targeted were Canada, Japan, the Netherlands, the United Kingdom and the United States with the embargo also later extended to Portugal, Rhodesia and South Africa. By the end of the embargo in March 1974,[2] the price of oil had risen from US$3 per barrel to nearly $12 globally; US prices were significantly higher. The embargo caused an oil crisis, or "shock", with many short- and long-term effects on global politics and the global economy.[3] It was later called the "first oil shock", followed by the 1979 oil crisis, termed the "second oil shock."
Answer: It is a social institution
Explanation:
Scarcity is considered an economics problem with human wants or desires with limited resources, since we have limited resources not everyone can have what they want.
An implicit agreement among the members of a society to cooperate for social benefits, for example by sacrificing some individual freedom for state protection. Theories of a social contract became popular in the 16th, 17th, and 18th centuries among theorists such as Thomas Hobbes, John Locke, and Jean-Jacques Rousseau, as a means of explaining the origin of government and the obligations of subjects.
Poverty simply means not having enough money that can be used to meet basic needs such as food, clothing and shelter.
Poverty is the major cause of human trafficking. It's because of poverty that there's a rise in human trafficking.
People want to have better lives and travel to places where there'll be an improvement in standard of living. This has led to the rise of human trafficking.
Poverty can drive people to become traffickers, drive parents to sell their children into slavery. Those suffering from poverty are usually targeted by traffickers as a means of exploitation.
