Assignments

1. Suggest the Ukrainian equivalents.

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...

2. 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; realising that; potential replacements; to encourage people who use oil; price increases six times; try to cut down on the use of oil

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

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

4. 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 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.

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

розподіляти ресурси; обмежені ресурси; значне підвищення цін спричинить за собою несуттєве зниження обсягу продажу; ціна зросла в три рази; різкий підйом; різкий зліт цін; збільшені доходи; підвищити/знизити купівельну спроможність; підвищувати заробітну плату для залучення додаткової робочої сили

6. Explain in English:

prices are quoted; a gradual rise; a sharp increase; household; commuters; commodities

7. 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?