Write a minimum of three paragraphs containing a minimum of three sentences each (one paragraph for Part 1 and two paragraphs for Part 2).
DISCUSSION PART 1: Getting Started
Prior to answering this question, you should watch the following linked video:
What would you expect economist to predict would be the impact on your life relative to the solar power industry if there were no off shore drilling and no importation of foreign oil?(Hint: The combination of these two changes would reduce the supply of oil in the United States by about 70%)
DISCUSSION PART 2: Digging Deeper
When disaster strikes, you can count on two things: Looting and Price Gouging. Consider that a major hurricane has struck. Power is out, chaos has ensued. Explain what might happen in terms of the supply of essential goods, such as food and gas. Then discuss how price gouging might result. Compare and contrast price gouging with looting.