To increase steadily; try to economize on the use of.; to choke off the demand; to encourage consumers to purchase smth; to encourage the production of.

II. Replace the parts in italics by synonyms:

three economic questions; to give a share of resources; to have scarce supplies of raw materials; a sudden change; realizing that; potential replacements; to encourage people who use oil; price increases six times; try to cut down on the use of oil

III. Find in the text the antonyms for the following words:

rare; scarce; outputs; expensive; exports; straightforward; get, acquire; not to need; getting smaller

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

1. Economics is the study of how people choose __ scarce 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 ban-el.

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. __ 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.

V. Find in the text the English equivalents for the following:

распределять ресурсы; ограниченные ресурсы; значительное повышение цен повлечет за собой несущественное снижение объема продаж; цена возросла в три раза; резкий подъем; резкий взлет цен; возросшие доходы; повысить/понизить покупательную способность; повышать зара­ботную плату для привлечения дополнительной рабочей силы

VI. Check your grammar:

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