Socialism will be the appropriate economic system which will be suitable during the crisis of epic proportions. Main reason for choosing socialism is that it discloses about the relationship between the four things, namely, human fellowship, social system, common ownership and finally the service of every citizen to each other.
According to Raul (n.d.):
• Human fellowship is something which denies about the various classes and provides its distinctions.
• According to the social system, one person will be rich, and the neighbor will be poor and challenge in bringing equilibrium and establishing common ownership.
• Economic system has to make use of all the available resources in an ...view middle of the document...
According to (Gabriel, n.d.) to maintain equality, government will provide quotas and equal employment opportunity to re-emphasis equality.
Earthquake occurred in Haiti during January 2010 was unforgettable, but the situation was made better quickly because of the socialist economic condition. When the place was destructed due to earthquake, people were suffering and wandering for help. In many cases, the required aids are not appropriated to the people at the appropriate time. As mentioned earlier, socialist economic condition is the one which will be beneficial and will aid people in overcoming the consequences of emergencies.
Especially poor people from the affected area received the priority like free health care services and financial aid from various parts which clearly indicates about the socialist economic condition. Health care facility is being given primary importance in the case of a socialist economy.
Any natural disaster requires first medical emergency when compared to other facilities in order to save many people’s life, and quality of treatment must be good without any bias (Muhammad, 2013).
Next problem followed by the Medicare is food, shelter, clothing, housing and so on, which can be met using the financial aids as people in the affected area requires more assistance to bring back the normal situation. In this case, there was significant contribution from all and facilities were extended equally among all people, which enabled in speedy recovery of both individuals and economy from disaster.
Socialist system cannot be compared with a capitalist economic system or communist economic system as socialist economic system is built for and by the people. Under capitalist economic system, government will retain all the benefits within them and will provide only little according to their decision to needy (Peavler, n.d). The economic system will be best only it satisfies the people’s requirement who is the assets of the country and contributing a significant part in developing the economy, and thus the socialist economic system is best.
Demand and seasonality play significant role in the price of heating oil, change in the price level and in the competition (Oil Heat Council of New Hampshire, n.d.). The main influencing factor is the demand and supply. It can be understood with a detailed example, that during peak summer season, there is no requirement of heating oil, and there is a decrease in the oil price during this season when compared to winter, because of more supply and decrease in demand.
Image Source: Eia.gov, 2014
Above graph clearly discloses the increasing demand and consumption of liquid fuel. During March 2014 $4.08 was the cost per gallon, but during February 2014 it was higher at $4.13 per gallon (Todd, 2014). There was an increase in the heating oil expenses between October 2013 and February 2014 from $1,122 to $3,277, this is mainly because of demand and...