Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Oil price increases always seems like the root of all things that go south (as in the economy) in my opinion... Higher price of oil
Oil price increases always seems like the root of all things that go south (as in the economy) in my opinion... Higher price of oil can create inflation that leads to increased production costs for businesses, which can result in higher prices for goods and services as businesses pass on these costs to consumers. It increases transportation costs, which can result in higher prices for goods and services as the increased costs are passed on to consumers. So many products rely on oil as an input, so higher oil prices can lead to higher input costs for businesses, which can result in higher prices for goods and services. Higher oil prices can lead to increased costs throughout the economy, which can contribute to inflationary pressures. The common ground being " higher costs passed on these costs to consumers
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started