IV. Fill in the gaps with the words and expressions from the text

1. Economics is the study of how people choosescarce resources to satisfy their

2. Economic activity was organized on the assumption of______________________ oil.

3. In 1973 - 74 there was an change in oil prices.

4._________ countries correctly forecast that _________________ in the quantity demanded would be small.

5. Most nations are very dependent on oil and have few commodities available as for oil.

6. Oil prices are traditionally______________ in US dollars per barrel.

7. The price of oil____________, from $2.90 to $9 per barrel.

8. There was another___________ between 1978 and 1980, from $12 to $30 per barrel.

9. The dramatic price increases inflicted______________ on the world economy.

10. These responses, __________ prices, are part of the process by which most Western societies what,

________ how and for whom to produce.

11. Chemical firms will develop _________________ for petroleum inputs to their production processes; airlines will look for more_____________________________________ aircraft.

12. Firms and___________ reduce their use of products.

13. Commuters form____________ or move closer to the city.

14. High prices not only __________ for oil-related commodities; they also encourage consumers to purchase.

15. OPEC___________ from oil sales increased from $35 billion in 1973 to nearly $300 billion in 1980.

16. The rise in oil prices raised______________ of OPEC.

17. The economy is an______________, interconnected system and a anywhere ripples throughout the entire economy.

18._______ industries may have to pay higher wages to attract the_________________ labour that they require.

19. A scarce resource is one for which the demand at a zero price would the available supply.

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