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Bell ringer, 9.23. Please, write the question . Read the introduction paragraph about OPEC that I will put on the board. Thanks. Where is the headquarters of OPEC located? What does the acronym OPEC stand for? When did Angola join OPEC? Who were the five founding members of OPEC?

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slide2

Bell ringer, 9.23

Please, write the question. Read the introduction paragraph about OPEC that I will put on the board. Thanks.

  • Where is the headquarters of OPEC located?
  • What does the acronym OPEC stand for?
  • When did Angola join OPEC?
  • Who were the five founding members of OPEC?
  • Is the United States a member of OPEC?
slide3

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.

slide5

Essential Question for today:

What is the primary function of OPEC?

slide6

Today’s Agenda

  • Bell ringer
  • OPEC – Who, What, Where, When, Why
  • CNN Student News
slide8

Bell ringer, 9.24

Please read pages 18-19. Copy statements and fill in blanks.

  • __________ are different ways that people use resources to make and exchange goods.
  • _______ requires people to make choices.
  • Economics is the study of how things are ______, ______, and ______.
  • Because of scarcity, every society must make _______ choices.
  • Factors of production include _____, ____, _____, and _______.
slide9

Bell ringer, 9.24

Please read pages 18-19. Copy statements and fill in blanks.

  • __________ are different ways that people use resources to make and exchange goods.
  • _______ requires people to make choices.
  • Economics is the study of how things are ______, ______, and ______.
  • Because of scarcity, every society must make _______ choices.
  • Factors of production include _____, ____, _____, and _______.
slide10

Essential Question for today:

What is the primary function of OPEC?

slide11

Today’s Agenda

  • Bell ringer
  • OPEC – Who, What, Where, When, Why
  • CNN Student News
slide12

Bell ringer, 9.24

Please read pages 18-19. Copy statements and fill in blanks.

  • __________ are different ways that people use resources to make and exchange goods.
  • _______ requires people to make choices.
  • Economics is the study of how things are ______, ______, and ______.
  • Because of scarcity, every society must make _______ choices.
  • Factors of production include _____, ____, _____, and _______.
slide14

Bell ringer, 9.24

Please read pages 18-19. Copy statements and fill in blanks.

  • __________ are different ways that people use resources to make and exchange goods.
  • _______ requires people to make choices.
  • Economics is the study of how things are ______, ______, and ______.
  • Because of scarcity, every society must make _______ choices.
  • Factors of production include _____, ____, _____, and _______.
slide16

Bell ringer, 9.24

Please read pages 18-19. Copy statements and fill in blanks.

  • __________ are different ways that people use resources to make and exchange goods.
  • _______ requires people to make choices.
  • Economics is the study of how things are ______, ______, _______ and ______.
  • Because of scarcity, every society must make _______ choices.
  • Factors of production include _____, ____, _____, and _______.
slide18

Bell ringer, 9.24

Please read pages 18-19. Copy statements and fill in blanks.

  • __________ are different ways that people use resources to make and exchange goods.
  • _______ requires people to make choices.
  • Economics is the study of how things are ______, ______, and ______.
  • Because of scarcity, every society must make _______ choices.
  • Factors of production include _____, ____, _____, and _______.
slide21

Bell ringer, 9.24

Please read pages 18-19. Copy statements and fill in blanks.

  • __________ are different ways that people use resources to make and exchange goods.
  • _______ requires people to make choices.
  • Economics is the study of how things are ______, ______, and ______.
  • Because of scarcity, every society must make _______ choices.
  • Factors of production include _____, ____, _____, and _______.
who is opec
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
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
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
When did OPEC start?
  • OPEC first started in 1960, and it continues until now.
why is opec so important
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.
slide27

Bell ringer, 9.25

Please read pages 16-17. Copy statements and fill in blanks.

  • Where does democracy begin?
  • Who has the power to make and carry out laws?
  • What are the two types of democracies?
  • In a parliamentary system, who chooses the prime minister?
  • In which two types of government do people have no voice in their government?
slide28

Bell ringer, 9.25

Please read pages 16-17. Copy statements and fill in blanks.

  • Where does democracy begin?
  • Who has the power to make and carry out laws?
  • What are the two types of democracies?
  • In a parliamentary system, who chooses the prime minister?
  • In which two types of government do people have no voice in their government?
slide29

Bell ringer, 9.26

Please read pages 21. Copy statements and fill in blanks.

  • No country produces all the _____ and _____ that it needs.
  • Every country ______ goods and services from other countries.
  • Every country also exports goods and services from other countries.
  • Every country has its own ________.
  • Countries sometimes try to protect their industries by setting up _________.
slide30

Essential Question for today:

How do trade barriers affect trade around the world?

slide31

Today’s Agenda

  • Bell ringer
  • OPEC – Who, What, Where, When, Why
  • CNN Student News
slide32

Bell ringer, 9.26

Please read pages 21. Copy statements and fill in blanks.

  • No country produces all the _____ and _____ that it needs.
  • Every country ______ goods and services from other countries.
  • Every country also exports goods and services from other countries.
  • Every country has its own ________.
  • Countries sometimes try to protect their industries by setting up _________.
slide34

Bell ringer, 9.26

Please read pages 21. Copy statements and fill in blanks.

  • No country produces all the _____ and _____ that it needs.
  • Every country ______ goods and services from other countries.
  • Every country also exports goods and services from other countries.
  • Every country has its own ________.
  • Countries sometimes try to protect their industries by setting up _________.
slide36

Bell ringer, 9.26

Please read pages 21. Copy statements and fill in blanks.

  • No country produces all the _____ and _____ that it needs.
  • Every country ______ goods and services from other countries.
  • Every country also _______ goods and services from other countries.
  • Every country has its own ________.
  • Countries sometimes try to protect their industries by setting up _________.
slide38

Bell ringer, 9.26

Please read pages 21. Copy statements and fill in blanks.

  • No country produces all the _____ and _____ that it needs.
  • Every country ______ goods and services from other countries.
  • Every country also _______ goods and services from other countries.
  • Every country has its own ________.
  • Countries sometimes try to protect their industries by setting up _________.
slide40

Bell ringer, 9.26

Please read pages 21. Copy statements and fill in blanks.

  • No country produces all the _____ and _____ that it needs.
  • Every country ______ goods and services from other countries.
  • Every country also ________ goods and services from other countries.
  • Every country has its own ________.
  • Countries sometimes try to protect their industries by setting up _________.
slide41

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.

slide42

Bell ringer, 9.26

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

  • Which country is hidden behind the wall?
  • What are the two people outside the wall trying to get?
  • Why is the sign on the wall ironic?
  • Why does the person behind the door not allow the two people to enter?
  • Do you think the cartoonist is happy with the “quota” policy or not?
slide44

Bell ringer, 9.27

Please write down the 8 questions. Please skip three lines per question. Thanks

  • What is the study of the use of resources to produce and distribute goods and services?
  • Economics is based on what?
  • In what year did Iraq invade oil rich Kuwait starting the first Gulf War?
  • What is the principle of opportunity cost?
slide45

Bell ringer, 9.27

Please write down the 8 questions. Please skip three lines per question. Thanks

To where can western economies trace their history?

Most economist believe that free enterprise triggered what type of revolution?

What type of command economy was found in China and Russia?

What are two examples of how the communist approach has failed in Russia?

slide46

Bell ringer, 9.30

Please read page 21. Copy statements and fill in blanks.

  • No country produces all the _____ and _____ that it needs.
  • Every country ______ goods and services from other countries.
  • Every country also ______ goods and services from other countries.
  • Every country has its own ________.
  • Countries sometimes try to protect their industries by setting up _________.
slide47

Essential Question for today:

How do trade barriers affect trade around the world?

slide48

Today’s Agenda

  • Bell ringer
  • Trade Barriers Graphic Organizer
  • Video – Econ
  • 8 Vocab Terms You should know
  • CNN Student News
slide49

Bell ringer, 9.30

Please read page 21. Copy statements and fill in blanks.

  • No country produces all the _____ and _____ that it needs.
  • Every country ______ goods and services from other countries.
  • Every country also _______ goods and services from other countries.
  • Every country has its own ________.
  • Countries sometimes try to protect their industries by setting up _________.
slide51

Bell ringer, 9.30

Please read page 21. Copy statements and fill in blanks.

  • No country produces all the _____ and _____ that it needs.
  • Every country ______ goods and services from other countries.
  • Every country also _______ goods and services from other countries.
  • Every country has its own ________.
  • Countries sometimes try to protect their industries by setting up _________.
slide53

Bell ringer, 9.30

Please read page 21. Copy statements and fill in blanks.

  • No country produces all the _____ and _____ that it needs.
  • Every country ______ goods and services from other countries.
  • Every country also _______ goods and services from other countries.
  • Every country has its own ________.
  • Countries sometimes try to protect their industries by setting up _________.
slide55

Bell ringer, 9.30

Please read page 21. Copy statements and fill in blanks.

  • No country produces all the _____ and _____ that it needs.
  • Every country ______ goods and services from other countries.
  • Every country also _______ goods and services from other countries.
  • Every country has its own ________.
  • Countries sometimes try to protect their industries by setting up _________.
slide57

Bell ringer, 9.30

Please read page 21. Copy statements and fill in blanks.

  • No country produces all the _____ and _____ that it needs.
  • Every country ______ goods and services from other countries.
  • Every country also ________ goods and services from other countries.
  • Every country has its own ________.
  • Countries sometimes try to protect their industries by setting up _________.
how do people impose limits on trade
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 trade1
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 trade2
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?
slide68

Bell ringer, 10.01

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?

slide69

Bell ringer, 10.01

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?

slide70

Essential Question for today:

How do economies function?

slide71

Today’s Agenda

  • Bell ringer / CNN Student News
  • 3 Column Chart on Various types of economies
  • 8 Review questions for next test
  • Video - Economy
traditional
Traditional

Based on culture and tradition.

Strong social network.

Based on primitive methods and tools.

Strongly connected to subsistence farming.

market
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

slide78

8 test questions you should know ...

What two

Territories were

Created for the

Palestinians by the

UN in 1947

A formal halt to

Trade with a

Particular country

For economic or

Political reasons

What is hatred

Of Jews

because

Of their religious

And cultural

beliefs

The group that controls both

The supply and price of the

Majority of world’s oil.

A tax placed on

Goods that come

In from one

Country to

another

Why did so many

Countries feel it

Was right to create

The nation of Israel

The break up of

The Ottoman

Empire can be

Blamed on what

World event?

A limit on the

Number of foreign

Goods allowed into

The country

slide79

8 test questions you should know ...

What two

Territories were

Created for the

Palestinians by the

UN in 1947

A formal halt to

Trade with a

Particular country

For economic or

Political reasons

What is hatred

Of Jews

because

Of their religious

And cultural

beliefs

Why did so many

Countries feel it

Was right to create

The nation of Israel

The break up of

The Ottoman

Empire can be

Blamed on what

World event?

A limit on the

Number of foreign

Goods allowed into

The country

A tax placed on

Goods that come

In from one

Country to

another

The group that controls both

The supply and price of the

Majority of world’s oil.

command
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
slide81

Bell ringer, 10.02

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?

slide82

Bell ringer, 10.02

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?

slide83

Essential Question for today:

How do economies function?

slide84

Today’s Agenda

  • Bell ringer / CNN Student News
  • 3 Column Chart on Various types of economies
  • 8 Review questions for next test
  • Video - Economy
traditional1
Traditional

Based on culture and tradition.

Strong social network.

Based on primitive methods and tools.

Strongly connected to subsistence farming.

market1
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

command1
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
slide89

8 test questions you should know ...

What two

Territories were

Created for the

Palestinians by the

UN in 1947

A formal halt to

Trade with a

Particular country

For economic or

Political reasons

What is hatred

Of Jews

because

Of their religious

And cultural

beliefs

Why did so many

Countries feel it

Was right to create

The nation of Israel

The break up of

The Ottoman

Empire can be

Blamed on what

World event?

A limit on the

Number of foreign

Goods allowed into

The country

A tax placed on

Goods that come

In from one

Country to

another

The group that controls both

The supply and price of the

Majority of world’s oil.

slide90

8 test questions you should know ...

Producing one good

That a country can

Make to sell to

Other countries

In a command

Economy,

How are decisions

Made?

In a market

Economy,

Who makes the

Economic

Decisions?

Why is

specialization

So valuable in

International

Trade today

Saudi Arabia specializes in

The sale of what?

In a traditional

Economy, how are

Decisions made?

Why does

Economic

Specialization

make

Trade between

Countries easier

What is the

Biggest problem

In a command

Economy?

slide91

8 test questions you should know ...

Producing one good

That a country can

Make to sell to

Other countries

In a command

Economy,

How are decisions

Made?

In a market

Economy,

Who makes the

Economic

Decisions?

In a traditional

Economy, how are

Decisions made?

Why does

Economic

Specialization

make

Trade between

Countries easier

What is the

Biggest problem

In a command

Economy?

Why is

specialization

So valuable in

International

Trade today

Saudi Arabia specializes in

The sale of what?

slide92

Bell ringer, 10.09

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.?

slide93

Bell ringer, 10.09

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.?

slide94

Essential Question for today:

How do economies function?

slide95

Today’s Agenda

  • Bell ringer / CNN Student News
  • Wheel Chart– Job Specialization
  • Review for test
  • 3-2-1 Review
slide97

Job Specialization

Not every country can produce all the goods and services it needs …

slide99

Job Specialization

Countries often specialize in goods they can produce most efficiently…

Not every country can produce all the goods and services it needs …

slide104

Job Specialization

While Israel specializes in agricultural technologies

For example, Saudi Arabia specializes in oil and gas…

slide105

8 test questions you should know ...

What two

Territories were

Created for the

Palestinians by the

UN in 1947

A formal halt to

Trade with a

Particular country

For economic or

Political reasons

What is hatred

Of Jews

because

Of their religious

And cultural

beliefs

Why did so many

Countries feel it

Was right to create

The nation of Israel

The break up of

The Ottoman

Empire can be

Blamed on what

World event?

A limit on the

Number of foreign

Goods allowed into

The country

A tax placed on

Goods that come

In from one

Country to

another

The group that controls both

The supply and price of the

Majority of world’s oil.

slide106

8 test questions you should know ...

Producing one good

That a country can

Make to sell to

Other countries

In a command

Economy,

How are decisions

Made?

In a market

Economy,

Who makes the

Economic

Decisions?

In a traditional

Economy, how are

Decisions made?

Why does

Economic

Specialization

make

Trade between

Countries easier

What is the

Biggest problem

In a command

Economy?

Why is

specialization

So valuable in

International

Trade today

Saudi Arabia specializes in

The sale of what?

slide107

Job Specialization

Countries (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

slide108

Job Specialization

Specialization allows people to do a more efficient job at producing what they make best

Specialization allows for countries to make what can and trade for what they need

slide109

Job Specialization

3-2-1 Exit Ticket

3 – Products made in USA

2- Products made in Saudi Arabia

1- Product made in Israel

slide110

Bell ringer, 10.10

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?

slide111

Bell ringer, 10.10

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?

slide112

Bell ringer, 10.11

Please write down the following questions. While watching CNN Student News, please answer the question.

When will the proposed temporary debt ceiling deal end?

What are the two goals for International Day of the Girl?

What can you use to steer the world’s biggest ship?

In what country does Dr. George Bwelle live?

slide113

Bell ringer, 10.11

Please write down the following questions. While watching CNN Student News, please answer the question.

When will the proposed temporary debt ceiling deal end?

What are the two goals for International Day of the Girl?

What can you use to steer the world’s biggest ship?

In what country does Dr. George Bwelle live?

slide114

Essential Question for today:

How do economies function?

slide115

Today’s Agenda

  • Bell ringer / CNN Student News
  • Types of Resources
  • Economics handout
  • 8 Vocabulary terms you should know
slide117

Wanna be a GENIUS? Learn Economics!

A. Types of Resources

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.

slide119

Wanna be a GENIUS? Learn Economics!

A. Types of Resources

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.

slide121

Wanna be a GENIUS? Learn Economics!

A. Types of Resources

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.

slide125

Bell ringer, 10.14

Please write down the following questions. While watching CNN Student News, please answer the question.

How many people were killed in the cyclone this past weekend in India?

Who is the majority leader in the United States Senate?

According to Malala Yousafzai, what are the terrorists in Pakistan afraid of?

What college did La’Shonda Jones, the first female African American Coast Guard Pilot, attend?

slide126

Bell ringer, 10.14

Please write down the following questions. While watching CNN Student News, please answer the question.

How many people were killed in the cyclone this past weekend in India?

Who is the majority leader in the United States Senate?

According to Malala Yousafzai, what are the terrorists in Pakistan afraid of?

What college did La’Shonda Jones, the first female African American Coast Guard Pilot, attend?

slide127

Essential Question for today:

How do economies function?

slide128

Today’s Agenda

  • Bell ringer / CNN Student News
  • Economies of SA, I, and I
  • Economics handout
  • 8 Vocabulary terms you should know
slide135

Wanna be a GENIUS? Learn Economics!

C. Gross Domestic Product

slide136

Wanna be a GENIUS? Learn Economics!

C. Gross Domestic Product

Gross domestic product is the total value of all goods and services produced within a single year. Countries where training and education are more available often have higher levels of goods and services therefore a higher gross domestic product.

slide137

Wanna be a GENIUS? Learn Economics!

C. Gross Domestic Product

slide138

Wanna be a GENIUS? Learn Economics!

C. Gross Domestic Product

Per Capita GDP is the total Gross Domestic Product divided by the number of people in that country …

slide140

Economy of Saudi Arabia, pg 172-73

  • One of world’s major oil producers
  • Use money from oil to raise standard of living
  • High GDP because oil is such an important part of the world’s economy
  • Mixed economy but government holds strong economic control
slide141

Economy of Israel, page

  • Mixed economy that is highly developed and industrial
  • Lack of natural resources
  • Many work in medical technology and agricultural technology
  • Very high GDP because of investment in human capital
slide142

Bell ringer, 10.15

Please write down the following questions. While watching CNN Student News, please answer the question.

The new proposal to end the shutdown would give the government how much money for 6 months?

Two million Muslims are currently in what Saudi Arabian city performing the hajj?

In Hong Kong, how many tons of fish are brought in to a fish market?

What makes the homecoming king and queen of West Orange High school so unique?

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Bell ringer, 10.15

Please write down the following questions. While watching CNN Student News, please answer the question.

The new proposal to end the shutdown would give the government how much money for 6 months?

Two million Muslims are currently in what Saudi Arabian city performing the hajj?

In Hong Kong, how many tons of fish are brought in to a fish market?

What makes the homecoming king and queen of West Orange High school so unique?

slide144

Essential Question for today:

How do economies function?

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Today’s Agenda

  • Bell ringer / CNN Student News
  • Economies of SA, I, and I
  • Oil and Entrepreneurship
  • 8 Vocabulary terms you should know
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Economy of Saudi Arabia, pg 172-73

  • One of world’s major oil producers
  • Use money from oil to raise standard of living
  • High GDP because oil is such an important part of the world’s economy
  • Mixed economy but government holds strong economic control
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Economy of Israel, page

  • Mixed economy that is highly developed and industrial
  • Lack of natural resources
  • Many work in medical technology and agricultural technology
  • Very high GDP because of investment in human capital
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Economy of Iran

  • Government of Iran controls most economic activity such as setting prices for goods
  • Fifth largest producer of oil which has led to highly trained workers
  • Well regarded schools and universities allow for well educated workers
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Capital Goods and GDP

SS7E7 b

Human Capital and GDP

SS7E7 a

Iran is world’s 1/5 largest producer of oil. Oil wealth has led to the use of advanced technology that has required highly trained workers. Has always had highly regarded schools and universities that have meant educated workers were available for industry.

Iran has made great investments in capital goods related to oil production, technology, and communication. Iran has also spent a great deal on technology for its defense industry.

Iran:

Factors of Economic Growth

Entrepreneurs

SS7E7 d

Role of Oil

SS7E7 c

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Role of Oil

SS7E7 c

Entrepreneurs

SS7E7 d

Most valuable resource is oil, although “I” has rich farmland and access to water for irrigation and farming. 85% of wealth comes from the sale of oil. A member of OPEC and benefits from that organization’s decisions to keep the price of oil on the world market at high levels.

Iran:

Factors of Economic Growth

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Role of Oil

SS7E7 c

Entrepreneurs

SS7E7 d

Most valuable resource is oil, although I has rich farmland and access to water for irrigation and farming. 85% of wealth comes from the sale of oil. A member of OPEC and benefits from that organization’s decisions to keep the price of oil on the world market at high levels.

I has a small but growing number of entrepreneurs however, Iran is not very open to entrepreneurship. Economy is highly centralized and regulations make it difficult for individual to open, operate, and close businesses. There is little protection of private property rights. Some progress towards economic freedoms, but it has been limited and insufficient

Iran:

Factors of Economic Growth

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Bell ringer, 10.16

Please write down the following questions. While watching CNN Student News, please answer the question.

In what Swiss city are discussions being held about Iran’s nuclear program?

The Philippines are made up of how many islands?

Captain Swenson was awarded what medal for his actions in Afghanistan?

What is the name of the restaurant where you are not allowed to talk during dinner?

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Bell ringer, 10.16

Please write down the following questions. While watching CNN Student News, please answer the question.

In what Swiss city are discussions being held about Iran’s nuclear program?

The Philippines are made up of how many islands?

Captain Swenson was awarded what medal for his actions in Afghanistan?

What is the name of the restaurant where you are not allowed to talk during dinner?

slide155

Essential Question for today:

How does investment affect economic growth?

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Today’s Agenda

  • Bell ringer / CNN Student news
  • 4 Square Chart – Oil and Entrepreneurs
  • Vocabulary Quiz
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Israel:

Factors of Economic Growth

Capital Goods and GDP

SS7E7 b

Human Capital and GDP

SS7E7 a

Israel has wide access to education and an economy that depends on technology industries to make up for the country’s lack of natural resources. Many Israelis work in industries related to medial technology, agricultural technology, mining, and electronics. They also have highly developed services industries. GDP is very

high because they have invested heavily in their human capital.

Israel has invested heavily in capital goods, as so much of their economy depends on technology and industrial production, as well as advanced communication systems. Israel has also invested heavily in the technology involved in the defense industry.

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Israel:

Factors of Economic Growth

Role of Oil SS7E7 c

Entrepreneurs

SS7E7 d

  • Few natural resources practically no oil at all. “I” does have a highly developed industrial economy, so the world price of oil has a huge impact on the economy. Economy depends more on technology than on the development of natural resources, but this also means “I” must always purchase oil to keep industries going.
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Israel:

Factors of Economic Growth

Role of Oil SS7E7 c

Entrepreneurs

SS7E7 d

Few natural resources practically no oil at all. Israel does not have a highly developed industrial economy, so the world price of oil has a huge impact on the Israeli economy. Israel’s economy depends more on technology than on the development of natural resources, but this also means Israel must always purchase oil to keep industries going.

Israel is moderately open to entrepreneurship. It is relatively easy to start a business, but it takes longer than the world average to start it up. Private property rights are well protected by law.

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Human Capital and GDP

SS7E7 a

What to produce?

Capital Goods and GDP

SS7E7 b

Saudi Arabia:

Factors of Economic Growth

Saudi Arabia’s main industry is as an exporter of oil. The technology involved in the oil industry is complicated and requires a well-trained and educated labor force. Saudi Arabia also has modern communication and transportations systems, as well as enormous building projects. Because oil is such an important part of the world’s economy, the Saudi GDP is high.

Saudi Arabia has invested heavily in capital goods, especially the technology related to oil production, transportation, and communication.

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Saudi Arabia:

Factors of Economic Growth

Role of Oil

SS7E7 c

Entrepreneurs

SS7E7 d

Saudi Arabia has very few natural resources. Oil production makes up the majority of SA’s wealth. SA has become very influential in the world economy and as a member of OPEC. The great wealth oil production has brought to SA has enabled the country to modernize agriculture. Cities are being built in once remote desert areas. SA has gone from being a “desert kingdom” to a modern nation in less than 100 years.

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Saudi Arabia:

Factors of Economic Growth

Role of Oil

SS7E7 c

Entrepreneurs

SS7E7 d

Saudi Arabia has very few natural resources. Oil production makes up the majority of SA’s wealth. SA has become very influential in the world economy and as a member of OPEC. The great wealth oil production has brought to SA has enabled the country to modernize agriculture. Cities are being built in once remote desert areas. SA has gone from being a “desert kingdom” to a modern nation in less than 100 years.

SA is increasingly open to entrepreneurship. The government makes opening, operating and closing a business easy compared to the world average. There is good protection of private property rights.

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