Briefly Describe What Happened in the United States After Members

question 96

Essay

Briefly describe what happened in the United States after members of the Organization of the Petroleum Exporting Countries (OPEC) reduced their oil production and raised oil prices in the mid-1970s.

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Definitions:

Airplane

A powered flying vehicle with fixed wings and a weight greater than that of the air it displaces, used for transportation.

Car

A wheeled motor vehicle used for transportation, typically running on roads and able to carry a small number of people.

Comparative Advantage

The ability of an individual, company, or country to produce a good or service at a lower opportunity cost than competitors, facilitating beneficial trade and specialization.

Absolute Advantage

The ability of a party to produce more of a good or service than competitors, using the same amount of resources.