VII. Check your grammar

Use the following verbs to complete the paragraph below: concern, base, discuss, be, show, take up, hope for, say, offer, wish, live, suggest, provide, govern

Students________ economics for different reasons. Some ________ a career in business, somefor a deeper understanding of government policy, and some _______________ about the poor or the unemployed.

This book _______ an introduction, which ___ that economics a live subject.

It real insights into the world in which we. The material that wein this bookby two ideas. The first ____________ that there a body of economics, which has to be learned in any introductory course. The secondon the belief that modem economics is more readily applicable to the real world than traditional approaches.

VIII. Answer the questions

1. What are the three main questions of the economy?

2. What do you need in order to understand economics?

3. What happened to the price of oil from 1900 to 1973?

4. What did OPEC decide in 1973?

5. Why was there only a small reduction in oil sales?

6. What is an oil price shock? What did the oil price shocks lead to?

7. How do people respond to a higher price for a commodity?

8. What effect do higher oil prices have on the economy?

9. What happens throughout the economy when there are high oil prices?

10. What 2 effects did high prices have on oil-importing countries?

11. When did oil become scarce?

12. What is a scarce resource?

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