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Essay / Research Paper Abstract
This 3-page paper examines the concept of economic supply and demand as it pertains to legislative issues, particularly the 1991 California Water Bank created by the government in response to the severe drought of the late 1980s. The paper discusses how the bank worked to allocate the resources in an attempt to reduce demand. Bibliography lists 2 sources.
Page Count:
3 pages (~225 words per page)
File: D0_MTcalwat.rtf
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Unformatted sample text from the term paper:
market forces determine how a government body should act and react to certain situations. The issue we will examine in this paper involves the California Drought Emergency Water Banks that
were formed in 1991 in response to the terrible California drought during the late 1980s and early 1990s. These were formed by the California legislature in an attempt to help
allocate scarce natural resources to help diminish the huge demand for water that was stripping the state of store supplies. Before discussing
the economic implications of this issue, we need to review some economic concepts. Economics, in its simplest form, involves the concept of supply and demand - basically, if there is
demand for a product or service, enough supply is generated to meet that demand. If the supply and demand are equal, there is little movement along the demand curve. If,
however, demand exceeds supply, the shift along the demand curve increases, meaning the market will pay more to obtain a product or service that is in short supply. If, however,
there is a glut, or an overabundance of supply, the shift along the demand curve decreases and the price goes down, as there is too much product on the market,
and the market is sated. In the case of the California Water Transfers of 1995, demand exceeded supply In this case, the
State was forced to step in to be a water broker to literally slake the thirst of millions of residents throughout the state (Israel and Lund).
This is not a new idea, however - economists have supported the idea of using markets to help boost the efficiency of allocation of natural resources,
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