UNIT 1 BU224 ASSIGNMENT TEMPLATE 3. 3. Assume that a country that once had a lucrative oil-producing industry experiences a rapid fall in market prices that has caused numerous oil exploration and...

Extracted text: UNIT 1 BU224 ASSIGNMENT TEMPLATE 3. 3. Assume that a country that once had a lucrative oil-producing industry experiences a rapid fall in market prices that has caused numerous oil exploration and drilling companies to stop production. The result is many oil exploration and drilling industry workers out of work and tremendous amounts of oil exploration equipment left sitting in the equivalent of "used car lots" to be sold. a. Which of the 12 basic economic principles outlined in the course textbook best describes this situation? (Enter your response here.) b. Using the principle you have selected, describe the chain of links that best explains how the falling international oil prices caused the workers in this country to be laid off and available oil within this country to be left in the ground. (Enter your response here.) c. What overall effect will this have within these former oil-producing communities? (Enter your response here.) References: A.+ar Date Ti+1 Coenn CFocus * Accessibility: Good to go 99 144