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Such a discovery of a large oil deposit would be labelled as a positive supply shock.

A positive supply shock is:

  • Sudden change in the supply of a good to a country
  • An increase in the quantity of good or service

Positive supply shocks are usually good for the economy because they mean increased production capacity and cheaper prices for goods and services.

The discovery of oil deposits would increase the supply of oil to the country so it is a positive supply shock.

In conclusion, such a discovery is a positive supply shock.

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The type if economic variable that discovery of a large oil deposit off a nation's shores can be classified into, is positive supply shock.

  • A supply shock can be regarded as unexpected event which brings about changes in the supply of a product or commodity.

  • And later brings about sudden change in price, this shock could be A positive supply shock where there is increase output which brings decrease in prices.

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