please, write the question. read the introduction paragraph about opec that i will put on the board....
TRANSCRIPT
Please, write the question. Read the introduction paragraph about OPEC that I will put on the board. Thanks.
1.Where is the headquarters of OPEC located?
2.What does the acronym OPEC stand for?
3.When did Angola join OPEC?
4.Who were the five founding members of OPEC?
5.Is the United States a member of OPEC?
The Organization of the Petroleum Exporting Countries (OPEC) is a permanent, intergovernmental Organization, created at the Baghdad Conference on September 10–14, 1960, by Iran, Iraq, Kuwait, Saudi Arabia and Venezuela. The five Founding Members were later joined by nine other Members: Qatar (1961); Indonesia (1962); Libya (1962); United Arab Emirates (1967); Algeria (1969); Nigeria (1971); Angola (2007) and Gabon (1975–1994). OPEC had its headquarters in Geneva, Switzerland, in the first five years of its existence. This was moved to Vienna, Austria, on September 1, 1965.
OPEC's objective is to co-ordinate and unify petroleum policies among Member Countries, in order to secure fair and stable prices for petroleum producers; an efficient, economic and regular supply of petroleum to consuming nations; and a fair return on capital to those investing in the industry.
Essential Question for today:
What is the primary function of OPEC?
TODAY’S AGENDA
Bell ringerOPEC – Who,
What, Where, When, Why
CNN Student News
OPEC
Please read pages 18-19. Copy statements and fill in blanks.
1.__________ are different ways that people use resources to make and exchange goods.
2._______ requires people to make choices.
3.Economics is the study of how things are ______, ______, and ______.
4.Because of scarcity, every society must make _______ choices.
5.Factors of production include _____, ____, _____, and _______.
Please read pages 18-19. Copy statements and fill in blanks.
1.__________ are different ways that people use resources to make and exchange goods.
2._______ requires people to make choices.
3.Economics is the study of how things are ______, ______, and ______.
4.Because of scarcity, every society must make _______ choices.
5.Factors of production include _____, ____, _____, and _______.
Essential Question for today:
What is the primary function of OPEC?
TODAY’S AGENDA
Bell ringerOPEC – Who,
What, Where, When, Why
CNN Student News
Please read pages 18-19. Copy statements and fill in blanks.
1.__________ are different ways that people use resources to make and exchange goods.
2._______ requires people to make choices.
3.Economics is the study of how things are ______, ______, and ______.
4.Because of scarcity, every society must make _______ choices.
5.Factors of production include _____, ____, _____, and _______.
Please read pages 18-19. Copy statements and fill in blanks.
1.__________ are different ways that people use resources to make and exchange goods.
2._______ requires people to make choices.
3.Economics is the study of how things are ______, ______, and ______.
4.Because of scarcity, every society must make _______ choices.
5.Factors of production include _____, ____, _____, and _______.
Please read pages 18-19. Copy statements and fill in blanks.
1.__________ are different ways that people use resources to make and exchange goods.
2._______ requires people to make choices.
3.Economics is the study of how things are ______, ______, _______ and ______.
4.Because of scarcity, every society must make _______ choices.
5.Factors of production include _____, ____, _____, and _______.
Please read pages 18-19. Copy statements and fill in blanks.
1.__________ are different ways that people use resources to make and exchange goods.
2._______ requires people to make choices.
3.Economics is the study of how things are ______, ______, and ______.
4.Because of scarcity, every society must make _______ choices.
5.Factors of production include _____, ____, _____, and _______.
Please read pages 18-19. Copy statements and fill in blanks.
1.__________ are different ways that people use resources to make and exchange goods.
2._______ requires people to make choices.
3.Economics is the study of how things are ______, ______, and ______.
4.Because of scarcity, every society must make _______ choices.
5.Factors of production include _____, ____, _____, and _______.
Who is OPEC?
• OPEC stands for Organization of Petroleum Exporting Countries.
• It’s members include:• Iran• Iraq• Saudi Arabia• Kuwait• Venezuela
What does OPEC do?
• OPEC is a group of countries who have large amounts of oil.
• They decide the prices and the amount of oil that should be produced each year.
• Other countries do have oil, but about 90% of the world’s oil reserves are under the control of OPEC.
Where is OPEC?
• OPEC is located mainly in the Middle East, but they are also in South America as well.
• It’s members are on 3 continents.
• Even though they are not located all over the world, their decision affect the whole world.
When did OPEC start?
• OPEC first started in 1960, and it continues until now.
Why is OPEC so important?
• Because every country has such a high demand for oil, they need to get it somehow.
• Alternate means of energy are rare and expensive
• They set the prices and the supply.
Please read pages 16-17. Copy statements and fill in blanks.
1.Where does democracy begin?
2.Who has the power to make and carry out laws?
3.What are the two types of democracies?
4.In a parliamentary system, who chooses the prime minister?
5.In which two types of government do people have no voice in their government?
Please read pages 16-17. Copy statements and fill in blanks.
1.Where does democracy begin?
2.Who has the power to make and carry out laws?
3.What are the two types of democracies?
4.In a parliamentary system, who chooses the prime minister?
5.In which two types of government do people have no voice in their government?
Please read pages 21. Copy statements and fill in blanks.
1.No country produces all the _____ and _____ that it needs.
2.Every country ______ goods and services from other countries.
3.Every country also exports goods and services from other countries.
4.Every country has its own ________.
5.Countries sometimes try to protect their industries by setting up _________.
Essential Question for today:
How do trade barriers affect
trade around the world?
TODAY’S AGENDA
Bell ringerOPEC – Who,
What, Where, When, Why
CNN Student News
Please read pages 21. Copy statements and fill in blanks.
1.No country produces all the _____ and _____ that it needs.
2.Every country ______ goods and services from other countries.
3.Every country also exports goods and services from other countries.
4.Every country has its own ________.
5.Countries sometimes try to protect their industries by setting up _________.
Please read pages 21. Copy statements and fill in blanks.
1.No country produces all the _____ and _____ that it needs.
2.Every country ______ goods and services from other countries.
3.Every country also exports goods and services from other countries.
4.Every country has its own ________.
5.Countries sometimes try to protect their industries by setting up _________.
Please read pages 21. Copy statements and fill in blanks.
1.No country produces all the _____ and _____ that it needs.
2.Every country ______ goods and services from other countries.
3.Every country also _______ goods and services from other countries.
4.Every country has its own ________.
5.Countries sometimes try to protect their industries by setting up _________.
Please read pages 21. Copy statements and fill in blanks.
1.No country produces all the _____ and _____ that it needs.
2.Every country ______ goods and services from other countries.
3.Every country also _______ goods and services from other countries.
4.Every country has its own ________.
5.Countries sometimes try to protect their industries by setting up _________.
Please read pages 21. Copy statements and fill in blanks.
1.No country produces all the _____ and _____ that it needs.
2.Every country ______ goods and services from other countries.
3.Every country also ________ goods and services from other countries.
4.Every country has its own ________.
5.Countries sometimes try to protect their industries by setting up _________.
Irony (from Dictionary.com)The use of words to convey a meaning that
is the opposite of its literal meaning: the irony of her reply, “How nice!” when I said I
had to work all weekend.
Please write down the 5 questions. Use the cartoon on the next slide to answer the five questions. Thanks.
Please copy down 5 questions. Use the cartoon on the next
1.Which country is hidden behind the wall?
2.What are the two people outside the wall trying to get?
3.Why is the sign on the wall ironic?
4.Why does the person behind the door not allow the two people to enter?
5.Do you think the cartoonist is happy with the “quota” policy or not?
1.What is the study of the use of resources to produce and distribute goods and services?
2.Economics is based on what?
3.In what year did Iraq invade oil rich Kuwait starting the first Gulf War?
4. What is the principle of opportunity cost?
Please write down the 8 questions. Please skip three lines per question. Thanks
5. To where can western economies trace their history?
6. Most economist believe that free enterprise triggered what type of revolution?
7. What type of command economy was found in China and Russia?
8. What are two examples of how the communist approach has failed in Russia?
Please write down the 8 questions. Please skip three lines per question. Thanks
Please read page 21. Copy statements and fill in blanks.
1.No country produces all the _____ and _____ that it needs.
2.Every country ______ goods and services from other countries.
3.Every country also ______ goods and services from other countries.
4.Every country has its own ________.
5.Countries sometimes try to protect their industries by setting up _________.
Essential Question for today:
How do trade barriers affect
trade around the world?
TODAY’S AGENDABell ringerTrade Barriers
Graphic OrganizerVideo – Econ8 Vocab Terms You
should knowCNN Student
News
Please read page 21. Copy statements and fill in blanks.
1.No country produces all the _____ and _____ that it needs.
2.Every country ______ goods and services from other countries.
3.Every country also _______ goods and services from other countries.
4.Every country has its own ________.
5.Countries sometimes try to protect their industries by setting up _________.
Please read page 21. Copy statements and fill in blanks.
1.No country produces all the _____ and _____ that it needs.
2.Every country ______ goods and services from other countries.
3.Every country also _______ goods and services from other countries.
4.Every country has its own ________.
5.Countries sometimes try to protect their industries by setting up _________.
Please read page 21. Copy statements and fill in blanks.
1.No country produces all the _____ and _____ that it needs.
2.Every country ______ goods and services from other countries.
3.Every country also _______ goods and services from other countries.
4.Every country has its own ________.
5.Countries sometimes try to protect their industries by setting up _________.
Please read page 21. Copy statements and fill in blanks.
1.No country produces all the _____ and _____ that it needs.
2.Every country ______ goods and services from other countries.
3.Every country also _______ goods and services from other countries.
4.Every country has its own ________.
5.Countries sometimes try to protect their industries by setting up _________.
Please read page 21. Copy statements and fill in blanks.
1.No country produces all the _____ and _____ that it needs.
2.Every country ______ goods and services from other countries.
3.Every country also ________ goods and services from other countries.
4.Every country has its own ________.
5.Countries sometimes try to protect their industries by setting up _________.
How do people impose limits on trade?
• Other countries tax things made in another county. This is called a tariff. By taxing them, they are raising the price of that resource. The hope is that consumers will purchase products made in their home country.
How do people impose limits on trade?
• A quota is when a country puts a limit on the number of goods that can be imported from somewhere else. For example, the United States has a quota on the oil we import from the Middle East.
How do people impose limits on trade?
• An embargo is when a country refuses to trade with another country. This usually happens when governments are at war with each other, or one government is unstable and unfair to the people. For example, the USA did not trade with Iraq when Sadam Hussein was president. Why?
Please write down the following questions. While watching CNN Student News, please answer the question.
1. How did U.S. markets respond to the possibility of a federal government shutdown?2. What are some arguments for and against the law that would require websites to remove images and videos of minors upon request?3. What discovery was made recently regarding a photograph taken at Gettysburg, Pennsylvania in 1863?4. What are your thoughts on the advice given by the students regarding ways to stop bullying?
Please write down the following questions. While watching CNN Student News, please answer the question.
1. How did U.S. markets respond to the possibility of a federal government shutdown?2. What are some arguments for and against the law that would require websites to remove images and videos of minors upon request?3. What discovery was made recently regarding a photograph taken at Gettysburg, Pennsylvania in 1863?4. What are your thoughts on the advice given by the students regarding ways to stop bullying?
Essential Question for today:
How do economies function?
TODAY’S AGENDABell ringer / CNN
Student News3 Column Chart on
Various types of economies
8 Review questions for next test
Video - Economy
Traditional• Based on culture and
tradition.• Strong social network.• Based on primitive
methods and tools.• Strongly connected to
subsistence farming.
Market• an economic system based on
individual choices and voluntary trade.
• Governments play a minor to no role
• Consumers and their buying drive the economy. (supply and demand)
• Market determines prices and wages
• Also known as: Free enterprise or Capitalism
What two Territories were Created for the
Palestinians by theUN in 1947A tax placed on
Goods that comeIn from one Country to
another
A formal halt to Trade with a
Particular country For economic orPolitical reasons
What is hatredOf Jews because
Of their religiousAnd cultural
beliefs
The group that controls bothThe supply and price of the
Majority of world’s oil.The break up of
The Ottoman Empire can be Blamed on what
World event?
Why did so manyCountries feel it
Was right to create The nation of Israel
A limit on theNumber of foreignGoods allowed into
The country
What two Territories were Created for the
Palestinians by theUN in 1947
A tax placed onGoods that come
In from one Country to
another
A formal halt to Trade with a
Particular country For economic orPolitical reasons
What is hatredOf Jews because
Of their religiousAnd cultural
beliefs
The group that controls bothThe supply and price of the
Majority of world’s oil.
The break up of The Ottoman
Empire can be Blamed on what
World event?
Why did so manyCountries feel it
Was right to create The nation of Israel
A limit on theNumber of foreignGoods allowed into
The country
Command• All major decisions are made
by the government or central authority.– an economic system in which
the government decides what goods will be produced, how they will be produced, and how they will be distributed.
• Government holds the power• No choice• No incentives to work hard
Please write down the following questions. While watching CNN Student News, please answer the question.
1. About how many federal government employees were furloughed by the government shutdown? 2. What are some English words that are derived from the Spanish language?3. What are the main responsibilities of the textile director featured in the program?4. Do you think Congress and President should take specific action regarding the shutdown?
Please write down the following questions. While watching CNN Student News, please answer the question.
1. About how many federal government employees were furloughed by the government shutdown? 2. What are some English words that are derived from the Spanish language?3. What are the main responsibilities of the textile director featured in the program?4. Do you think Congress and President should take specific action regarding the shutdown?
Essential Question for today:
How do economies function?
TODAY’S AGENDABell ringer / CNN
Student News3 Column Chart on
Various types of economies
8 Review questions for next test
Video - Economy
Traditional• Based on culture and
tradition.• Strong social network.• Based on primitive
methods and tools.• Strongly connected to
subsistence farming.
Market• an economic system based on
individual choices and voluntary trade.
• Governments play a minor to no role
• Consumers and their buying drive the economy. (supply and demand)
• Market determines prices and wages
• Also known as: Free enterprise or Capitalism
Command• All major decisions are made
by the government or central authority.– an economic system in which
the government decides what goods will be produced, how they will be produced, and how they will be distributed.
• Government holds the power• No choice• No incentives to work hard
What two Territories were Created for the
Palestinians by theUN in 1947
A tax placed onGoods that come
In from one Country to
another
A formal halt to Trade with a
Particular country For economic orPolitical reasons
What is hatredOf Jews because
Of their religiousAnd cultural
beliefs
The group that controls bothThe supply and price of the
Majority of world’s oil.
The break up of The Ottoman
Empire can be Blamed on what
World event?
Why did so manyCountries feel it
Was right to create The nation of Israel
A limit on theNumber of foreignGoods allowed into
The country
Producing one goodThat a country can
Make to sell to Other countries Why is
specializationSo valuable in International Trade today
In a command Economy,
How are decisions Made?
In a market Economy,
Who makes theEconomic Decisions?
Saudi Arabia specializes in The sale of what?
Why does Economic
Specialization make
Trade between Countries easier
In a traditional Economy, how areDecisions made?What is the
Biggest problemIn a command
Economy?
Producing one goodThat a country can
Make to sell to Other countries
Why is specializationSo valuable in International Trade today
In a command Economy,
How are decisions Made?
In a market Economy,
Who makes theEconomic Decisions?
Saudi Arabia specializes in The sale of what?
Why does Economic
Specialization make
Trade between Countries easier
In a traditional Economy, how areDecisions made?What is the
Biggest problemIn a command
Economy?
Please write down the following questions. While watching CNN Student News, please answer the question.
1. According to the report, what percentage of federal workers are currently furloughed as part of the partial U.S. government shutdown?2. Where are the Winter Olympics being held next year? 3. What is known about a recent Salmonella outbreak in the U.S.?
Please write down the following questions. While watching CNN Student News, please answer the question.
1. According to the report, what percentage of federal workers are currently furloughed as part of the partial U.S. government shutdown?2. Where are the Winter Olympics being held next year? 3. What is known about a recent Salmonella outbreak in the U.S.?
Essential Question for today:
How do economies function?
TODAY’S AGENDA
Bell ringer / CNN Student News
Wheel Chart – Job Specialization
Review for test3-2-1 Review
JOB SPECIALIZATIONNot every country can produce all the goods and services
it needs …
JOB SPECIALIZATIONNot every country can produce all the goods and services
it needs …
Countries often specialize in goods they can produce most efficiently…
JOB SPECIALIZATIONFor example, Saudi Arabia specializes in
oil and gas…
While Israel specializes in agricultural technologies
What two Territories were Created for the
Palestinians by theUN in 1947
A tax placed onGoods that come
In from one Country to
another
A formal halt to Trade with a
Particular country For economic orPolitical reasons
What is hatredOf Jews because
Of their religiousAnd cultural
beliefs
The group that controls bothThe supply and price of the
Majority of world’s oil.
The break up of The Ottoman
Empire can be Blamed on what
World event?
Why did so manyCountries feel it
Was right to create The nation of Israel
A limit on theNumber of foreignGoods allowed into
The country
Producing one goodThat a country can
Make to sell to Other countries
Why is specializationSo valuable in International Trade today
In a command Economy,
How are decisions Made?
In a market Economy,
Who makes theEconomic Decisions?
Saudi Arabia specializes in The sale of what?
Why does Economic
Specialization make
Trade between Countries easier
In a traditional Economy, how areDecisions made?What is the
Biggest problemIn a command
Economy?
JOB SPECIALIZATIONCountries (like Israel and Saudi Arabia) then look to sell products to those
that need them
Specialization products a country
makes best and are in demand on world
market
JOB SPECIALIZATIONSpecialization allows for countries to make
what can and trade for what they need
Specialization allows people to do a more
efficient job at producing what they make best
JOB SPECIALIZATION3-2-1 EXIT TICKET
3 – Products made in USA 2- Products made in Saudi Arabia1- Product made in Israel
Please write down the following questions. While watching CNN Student News, please answer the question.
1. The U.S. suspended some of the military aid it gives to what North African nation, due to unrest there?2. Who is the current head of the Federal Reserve Bank? Who has been nominated to replace him?3. According to the report, what might be some of the consequences if the debt ceiling isn't raised and the U.S. defaults on its debt?
Please write down the following questions. While watching CNN Student News, please answer the question.
1. The U.S. suspended some of the military aid it gives to what North African nation, due to unrest there?2. Who is the current head of the Federal Reserve Bank? Who has been nominated to replace him?3. According to the report, what might be some of the consequences if the debt ceiling isn't raised and the U.S. defaults on its debt?
Essential Question for today:
How do economies function?
TODAY’S AGENDA
Bell ringer / CNN Student News
Types of Resources
Economics handout
Review for TestTest
Wanna be a GENIUS? Learn Economics!
A. Types of Resources
Wanna be a GENIUS? Learn Economics!
Natural resources are raw materials that a country has that make life and
production of goods possible. In Southwest Asia, oil is the most
important. Oil is a fossil fuel which is not replaceable. Israel has almost no
natural resources.
A. Types of Resources
Wanna be a GENIUS? Learn Economics!
A. Types of Resources
Wanna be a GENIUS? Learn Economics!
Human capital means the knowledge and skills that make it possible for workers to earn a living producing
goods or services. The more skills and education workers have, the better they are able to work as technology
changes.
A. Types of Resources
Wanna be a GENIUS? Learn Economics!
A. Types of Resources
Wanna be a GENIUS? Learn Economics!
Capital goods are the factories, machines and technology that people
use to make goods. Advanced technology increases production and makes it more efficient. Israel, Saudi
Arabia, and Iran have all invested heavily in capital goods.
A. Types of Resources
Wanna be a GENIUS? Learn Economics!
B. Name that Economy
Wanna be a GENIUS? Learn Economics!
B. Name that Economy
Wanna be a GENIUS? Learn Economics!
B. Name that Economy
Wanna be a GENIUS? Learn Economics!
C. Gross Domestic Product
Wanna be a GENIUS? Learn Economics!
C. Gross Domestic Product