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"World Oil Prices. An economic approach" icon

World Oil Prices. An economic approach

This case is designed to introduce students to the basic tools of supply and demand, and to observe and predict how they operate in a real market that is constantly grabbing headlines: the global petroleum market.The analysis of this interactive case study is based around those events that have affected the price of oil since 1970 to 2006. Students will be presented with a series of historical events that affected the price of oil on the world market. They study each of these and then predict the effects on price by shifting the curves on the traditional supply and demand model.


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