Economic Events Influence US Economics

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Economic Events Influence US Economics University of Phoenix ECOCB/535: The Digital

Economy Economic Events Influence US Economics Major events can often influence the
economy of the US very easily, especially major international events. The governments role
in responding to these events includes enormous responsibility since it directly manipulates
economic activity within the country on both a micro and macroeconomic level. Two events
that had a significant impact on US economics were the 1973 oil embargo and the collapse of
the Soviet Union in 1991 ending the Cold War. 1973 Oil Embargo Oil is a major resource
globally demanded by many high consumption nations including the United States. Over a
third of the worlds oil is produced by a handful of nations that make up OPEC. Saudi Arabia
is the largest oil producing nation in this organization by far (McConnell et al., 2018).

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